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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  ArcelorMittal    MT   LU1598757687

ARCELORMITTAL

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ArcelorMittal slips to third-quarter net loss, sees U.S. steel downturn, worse in Europe

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11/07/2019 | 02:28am EST
FILE PHOTO: Metal coils are seen at ArcelorMittal steel plant in Ghent

ArcelorMittal, the world's largest steelmaker, reported a second consecutive quarterly loss on Thursday and cut its forecasts for demand in its main U.S. and European markets.

The Luxembourg-based company said global steel consumption, including the impact of inventory changes, would grow in 2019 by 0.5-1.0% this year, towards the lower end of its previous guidance of 0.5-1.5%.

Reporting a net loss of $539 million for the third quarter - a second straight quarter in the red - it said it now expected a reduction of U.S. steel demand due to a weak auto sector and a slowdown in demand for machinery, although non-residential construction was healthy.

It also said the contraction in steel demand in Europe would be worse than expected due to a sluggish auto sector and slowing construction.

The company did upgrade its forecasts for the former Soviet Union and for China, the world's largest producer and consumer of steel. But ArcelorMittal ships almost half its steel to European customers, around a quarter to the United States and has negligible business in China, although that market does affect prices.

The company, which produces around 5% of global steel, said it now expected its own shipments to be stable this year, having previously forecast a year-on-year increase.

Chief Executive Officer Lakshmi Mittal said in a statement that ArcelorMittal had anticipated a tough market in the July-September period as low prices and high raw materials costs squeezed margins.

The company's net debt, a key metric for markets, increased by $0.5 billion to $10.7 billion. It has a target to pull it below $7 billion.

Mittal said a substantial release of working capital in the fourth quarter should enable the company to reduce net debt further year-on-year.

The company's third-quarter core profit (EBITDA) in the third quarter was $1.06 billion, compared with the average forecast in a company poll of $930 million.

By Philip Blenkinsop

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Financials (USD)
Sales 2019 71 456 M
EBIT 2019 1 877 M
Net income 2019 -244 M
Debt 2019 10 032 M
Yield 2019 1,34%
P/E ratio 2019 -26,2x
P/E ratio 2020 9,59x
EV / Sales2019 0,37x
EV / Sales2020 0,37x
Capitalization 16 636 M
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Technical analysis trends ARCELORMITTAL
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 18,63  $
Last Close Price 16,44  $
Spread / Highest target 53,9%
Spread / Average Target 13,3%
Spread / Lowest Target -59,7%
EPS Revisions
Managers
NameTitle
Lakshmi Niwas Mittal Chairman & Chief Executive Officer
Aditya Mittal President & Chief Financial Officer
Brian E. Aranha CTO, Executive VP, Head-Research & Development
Michel Wurth Non-Independent Non-Executive Director
Vanisha Mittal Bhatia Non-Independent Non-Executive Director
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