ArcelorMittal Q3 Net Income Declines; Sales Up 5.0% - Quick Facts

(RTTNews) - ArcelorMittal (MT) reported that its third-quarter net income attributable to equity holders of the parent declined year-over-year to $899 million or $0.88 per share from $1.205 billion or $1.18 per share, previous year. Operating income was at $1.6 billion (which includes $0.5 billion impairment primarily related to the Ilva remedy assets sale), 26.9% higher from prior year. The company recorded an impairment charges of $509 million primarily related to remedy asset sales for the Ilva acquisition. Impairment charges for prior year were nil.

Third-quarter Crude steel production was 23.3Mt, down 1.4% from previous year. Total steel shipments were at 20.5Mt, 5.4% lower as compared with 21.7Mt, prior year. Sales were at $18.5 billion, 5.0% higher as compared to prior year.

Lakshmi Mittal, ArcelorMittal CEO, said: "We continue to make good progress with the implementation of our Action 2020 plan, which will improve the performance of our existing business and targets further growth in higher added value products. We are also expanding our business through the execution of a targeted and disciplined strategy to create long-term value. We remain cognizant of the challenges, including continued global overcapacity, and we remain concerned with the high level of imports in various markets. We continue to prioritize net debt reduction and a strong balance sheet to ensure we can prosper in all market conditions."

The company said it is committed to an increase in shareholder returns once the Group's net debt target of $6 billion is achieved.