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ArcelorMittal Q1 loss $400 million, shipments up 8.8%

Staff writer |
ArcelorMittal lost about $400 million in the first quarter, as compared to about $6.7 billion in the fourth quarter of last year.

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Aadjusted net loss was $200 million excluding exceptional and non-cash items. The company is moving forward with plans to streamline its U.S. operations.

ArcelorMittal expects $4.5 billion in revenue this year, and the improving market conditions to be reflected in the financial results during the second half of the year, though it projects steel demand won’t rise by more than 0.5 percent this year.

ArcelorMittal steel shipments totaled 21.5 million tons in the first quarter, an 8.8 percent increase over the previous quarter. But the company’s earnings before interest, taxation, depreciation and amortization, or EBITDA, declined by 15.9 percent because weak steel prices lingers.

ArcelorMittal has $17.3 billion in debt, as compared to $15.7 billion at the end of 2015. But that’s because a seasonal capital investment and debt should fall to $13.3 billion as a result of the sale of the company’s stake in Gestamp.

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