ArcelorMittal cuts losses

ArcelorMittal sold more steel in the first quarter of this year than in the last quarter of last year, but earned less in monetary terms due to steadily falling prices. The net loss is less than the year before.

In the first quarter, ArcelorMittal steel shipments totaled 21.5 million tonnes, up 8.8 percent over the last quarter of last year, but remained virtually unchanged from last year.

Despite the increase in sales, their value dropped to $ 13.4 billion. This is the result of a downtrend in steel prices that has not been offset by higher volumes. The price fell 8.7 percent compared to the last quarter of 2015 and 21.7 percent at the year-over-year level. EBITDA fell to $ 0.9 billion, 15.9 percent lower than in the last quarter of 2015.

The net loss became lower - at the level of $ 0.4 billion, while in the last quarter of last year it reached $ 6.7 billion, and in the first quarter of 2015 it amounted to $ 0.7 billion.

Lakshmi Mittal, CEO of ArcelorMittal said: Our first quarter results this year should have a positive impact on the coming quarters, although the market remains volatile. We must continue to be vigilant and proactive about the threat of unfair trade. ” And he added that the current goal is to increase the group's ability to improve results through the implementation of action plans through 2020, which in the long term will lead to higher EBITDA and cash flow.