ArcelorMittal recorded a quarterly net loss alongside higher underlying earnings after charges linked to idling its Ukrainian steelworks. The third-quarter accounts include an 852 million dollar impairment and 293 million dollars of exceptional costs. Net debt also rose, while the company retained its annual capital-spending forecast.
ArcelorMittal, the steel producer, included costs associated with idling its Kryvyi Rih operation in Ukraine in its third-quarter results. Those charges contributed to a net loss despite higher underlying earnings.[1], [2]
The company’s accounts put the impairment at 852 million dollars and exceptional charges at 293 million dollars. It also reduced deferred tax assets by 170 million dollars.[1]
The quarter ended with a net loss of 391 million dollars, compared with a profit of 377 million dollars a year earlier. Adjusted net income reached 868 million dollars. Revenue increased to 16,466 million dollars from 15,657 million dollars. Earnings before interest, tax, depreciation and amortization rose 34 per cent to 2,023 million dollars, while the per-tonne measure increased from 111 dollars to 155 dollars.[1]
The Ukrainian steelworks charges accompanied a quarter of cash outflow for ArcelorMittal. Operating cash generation totaled 665 million dollars and capital expenditure reached 1,065 million dollars, including 361 million dollars of strategic investment. Free cash outflow was 442 million dollars. Net debt climbed from 9.5 billion dollars in the preceding quarter to 10.3 billion dollars. The company maintained annual capital-spending guidance of 4.5–5.0 billion dollars.[1]
