This Morning in Metals: Novelis, ArcelorMittal, Barrick Gold report quarterly results
This morning in metals news, Novelis Inc. reported fiscal year 2020 net income fell 3%, ArcelorMittal has opted to suspend dividend payments and Barrick Gold has benefited from the gold price’s rise this year.
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Novelis income down 3%
Novelis, which specializes in aluminum rolling and recycling, posted fiscal year 2020 net income of $420 million, down 3% from the previous year.
Meanwhile, Novelis reported fourth-quarter income of $63 million, down 39% year over year.
“Our strategy to invest in our operations and our people has delivered four consecutive years of record financial results and an exceptionally strong balance sheet,” President and CEO Steve Fisher said. “It is this solid foundation, coupled with an unwavering commitment to our purpose of shaping a sustainable world together, that will help us safely and successfully navigate the challenges posed by the novel coronavirus and extend our leadership position in the aluminum industry. In addition, with the acquisition of Aleris now complete, I am more confident than ever that our diverse product portfolio, global footprint, deep customer relationships, reliable assets, and disciplined investments will deliver even more value to our customers and shareholder moving forward.”
ArcelorMittal hit with $1.1B net loss in Q1
Meanwhile, ArcelorMittal struggled to a net loss of $1.1 billion in Q1, compared with profit of $414 million in Q1 2019.
In addition, the firm said its board had decided to suspend dividend payments.
“Against the backdrop of significant cost savings measures being taken across the business, the Board determined it both appropriate and prudent to suspend dividend payments until such a time as the operating environment normalizes,” the company said in its earnings release.
Barrick Gold posts strong Q1
Barrick Gold reported net earnings of $400 million in the first quarter, up from the $111 million recorded in Q1 2019.
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Barrick has benefited from the rising price of safe-haven asset gold. The firm reported a realized gold price of $1,589/ounce in Q1, up from $1,483/ounce the previous quarter and $1,307/ounce in Q1 2019.
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