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    MT   LU1598757687

ARCELORMITTAL

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Repeat & Correct : ArcelorMittal Swung to 2Q Profit; Raises Steel Outlook

07/29/2021 | 01:01am EDT

ArcelorMittal made a net profit of $4.01 billion, and a profit of $2.29 billion for the first quarter of 2021. The net profit figure was well above analysts' estimates of $3.10 billion, polled by FactSet. Sales nearly doubled to $19.34 billion. Earnings before interest, taxes, depreciation and amortization rose to $5.05 billion from $707 million last year. ArcelorMittal said it would increase its 2021 capital expenditure to $3.2 billion from $2.9 billion. The company launched a new $2.2 billion share-buyback program, fast-tracking $1 billion of its 2022 capital return by the end of 2021, and returning $1.2 billion from the redeemed Cleveland Cliffs preference shares. "ArcelorMittal Swung to 2Q Profit; Raises Steel Outlook," at 05:35 GMT, incorrectly used euros instead of dollars throughout the article, and in the earlier flashes from 05:01-05:09 GMT. The correct version follows:

 
 
   By Ed Frankl 
 

ArcelorMittal said Thursday that it swung to a second-quarter profit that beat expectations as demand recovered with the lifting of pandemic-related restrictions.

The steel-and-mining company made a net profit of $4.01 billion for the three months to the end of June compared with a loss of $559 million for the same period of last year, and a profit of $2.29 billion for the first quarter of 2021.

The net profit figure was well above analysts' estimates of $3.10 billion, polled by FactSet.

Sales nearly doubled to $19.34 billion as steel selling prices rose and it boosted shipments, ArcelorMittal said.

Earnings before interest, taxes, depreciation and amortization--one of the company's preferred metrics--rose to $5.05 billion from $707 million last year, in its strongest quarter since 2008, the company said.

The Luxembourg-based company raised its outlook on global apparent steel consumption growth in 2021 from 2020 to 7.5% to 8.5% compared with a previous growth estimate of 4.5% to 5.5%.

ArcelorMittal said it would increase its 2021 capital expenditure to $3.2 billion from $2.9 billion to reflect higher volumes and the company's operating plan, which has changed due to increased demand.

The company launched a new $2.2 billion share-buyback program, fast-tracking $1 billion of its 2022 capital return by the end of 2021, and returning $1.2 billion from the redeemed Cleveland Cliffs preference shares. ArcelorMittal completed a sale of ArcelorMittal USA to Cleveland Cliffs in December 2020.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

07-29-21 0301ET

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Financials (USD)
Sales 2021 74 474 M - -
Net income 2021 13 211 M - -
Net Debt 2021 720 M - -
P/E ratio 2021 2,44x
Yield 2021 1,16%
Capitalization 32 287 M 32 324 M -
EV / Sales 2021 0,44x
EV / Sales 2022 0,45x
Nbr of Employees 168 000
Free-Float 56,0%
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Mean consensus BUY
Number of Analysts 18
Last Close Price 31,90 $
Average target price 45,96 $
Spread / Average Target 44,1%
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Managers and Directors
Aditya Mittal Chief Executive Officer & Director
Genuino M. Christino Chief Financial Officer & Executive Vice President
Lakshmi Niwas Mittal Executive Chairman
Pinakin Chaubal Chief Technology Officer
Henk Scheffer Secretary & Group Compliance Officer
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