Correct: ArcelorMittal 4Q Net Profit More Than Doubled

By FeaturesDow Jones Newswires

ArcelorMittal SA (MT.AE) said on Friday that net profit more than doubled in the fourth quarter, on the back of strong sales growth.

Quarterly net profit at the steelmaker rose to $1.04 billion compared with $403 million a year earlier. Sales increased by 25% on year to $17.71 billion, thanks to higher steel and iron-ore shipments as well as higher average steel selling prices, the company said.

Continue Reading Below

Earnings before interest, tax, depreciation and amortization, or Ebitda, stood at $2.14 billion for the quarter and at $8.41 billion for the full year. This figure beats an analyst consensus provided by the company of $8.32 billion.

"The market environment remains supportive but the industry must continue to address the twin challenges of overcapacity and unfair trade," said Chief Executive Lakshmi Mittal.

ArcelorMittal also said it expects the cash needs of the business, excluding working capital investment, to increase to about $5.6 billion in 2018.

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

ArcelorMittal reported fourth-quarter results on Wednesday. "ArcelorMittal 4Q Net Profit More Than Doubled," at 0621 GMT, misstated the day as Friday, instead of Wednesday.

(MORE TO FOLLOW) Dow Jones Newswires

January 31, 2018 02:43 ET (07:43 GMT)

Continue Reading Below