ArcelorMittal Q2 EBITDA jumped almost 100%
Operating income was $1.9 billion in Q2 2016 higher as compared to $0.3 billion in 1Q 2016, primarily as a result of one-time gain from employee benefits at ArcelorMittal USA ($0.8 billion) and higher sales driven by improved steel selling prices.
Net income was $1.1 billion in Q2 2016 (including one-time $0.8 billion gain from employee benefits at ArcelorMittal USA) as compared to a net loss of $0.4 billion in 1Q 2016 and net income of $0.2 billion in Q2 2015.
Steel shipments were 22.1Mt in Q2 2016, an increase of 2.9% as compared to 1Q 2016; stable YoY.
Gross debt decreased to $15.1 billion at June 30, 2016, as compared to $20.2 billion at March 31, 2016.
Net debt decreased to $12.7 billion as of June 30, 2016, as compared to $17.3 billion at March 31, 2016 mainly due to proceeds from the rights issue ($3.1 billion), asset sales ($1.1 billion), working capital release ($0.2 billion) offset in part by $0.2 billion premium on early repayment of debt ■