ArcelorMittal Q2 Profit Surges, Despite Weak Sales

(RTTNews) - Steel and mining major ArcelorMittal S.A. (MT) reported Thursday significantly higher profit in its second quarter, while sales declined amid lower steel production and shipments.

In the second quarter, net income attributable to equity holders of the parent surged to $1.79 billion from last year's $504 million. Basic earnings per share were $2.35, higher than $0.63 a year ago.

The latest results were positively impacted by $0.8 billion exceptionals.

Adjusted net income was $1.01 billion or $1.32 per share, compared to $677 million or $0.85 last year.

EBITDA for the quarter, meanwhile, edged down to $1.860 billion from $1.862 billion a year ago.

Sales also were lower at $15.93 billion, compared to $16.25 billion last year.

Crude steel production dropped to 14.4 million tonnes from 14.7 million tonnes last year. Steel shipments also fell to 13.8 million tonnes from 13.9 million tonnes a year ago. However, total Group iron ore production grew to 11.8 million tonnes from 9.5 million tonnes a year earlier.

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