First Quarter Results: ArcelorMittal Loses $782 Million
More first quarter results today in MetalCrawler and, as with other steel companies, ArcelorMittal‘s are not good.
ArcelorMittal Loss Widens
ArcelorMittal, the world’s biggest steelmaker, based in Luxembourg, said last week that its first-quarter net loss widened to $728 million from $205 million a year earlier. Revenue fell 13% to $17.12 billion.
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Sales declined 8.6% sequentially due to lower steel selling prices, seasonally lower market-priced iron ore shipments and lower iron ore prices, partly offset by increased steel shipments. Total steel shipments for the quarter were 21.6 million metric tons compared with 21 million metric tons in the year-ago quarter.
More Middle East Aluminum
Saudi Arabian Mining Co. (Ma’aden) said a massive smelter run jointly with Alcoa, Inc. will produce above its initial capacity target this year.
The Ma’aden smelter started commercial operations last year after facing problems during the start-up phase.
Ma’aden, the Gulf’s largest miner, is currently exporting around 70 to 80% of the smelter’s production, Thomas Walpole, senior vice president, Aluminium, Ma’aden said at a conference in Dubai.
The smelter had an initial annual capacity of 740,000 metric tons per year, but this year it is expected to achieve a slightly higher production of 760,000 mt, Walpole said.
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