ArcelorMittal Q1 Profit Drops - Quick Facts

(RTTNews) - ArcelorMittal (MT) reported that its first quarter net income attributable to equity holders of the parent dropped to $0.4 billion or $0.41 per basic share, from last year's $1.2 billion, or $1.17 per basic share, impacted by lower steel pricing due to weaker economic activity and continued global overcapacity, as well as rising raw material costs as a result of supply-side developments in Brazil.

Sales for the first-quarter were $19.19 billion compared to $19.19 billion last year. Sales were stable as the impacts of lower average steel selling prices were offset by higher steel shipments and higher seaborne iron ore reference prices.

ArcelorMittal expects global apparent steel consumption to grow further in 2019 by between 1.0% to 1.5%, up from previous expectation of 0.5% to 1.0% growth.

Market-priced iron ore shipments for 2019 are expected to be broadly stable as compared to 2018 with increases in Liberia and AMMC to be offset by lower volume in Mexico.