Luxembourg ArcelorMittal Loses $ 2.45B In 2019

The net loss of the world’s largest metallurgical company ArcelorMittal, headquartered in Luxembourg, attributable to the shareholders of the parent company, amounted to $ 2.454 billion in 2019 against a profit of $ 5.149 billion in 2018, the company said.

The loss per share amounted to $ 2.42 against a profit of $ 5.04 a year earlier. Revenue decreased by 7% to $ 70.615 billion.

According to the results of the fourth quarter, ArcelorMittal recorded a net loss of $ 1.882 billion against a profit of 1.193 billion in the same period a year earlier. Loss per share was $ 1.86 versus $ 1.17 in the fourth quarter of 2018. At the same time, revenue decreased by 15% to $ 15.514 billion.

The company also said that by the end of 2019, its iron ore production decreased by 2.4% to 57.1 million tons, and crude steel production decreased by 2.9% to 89.8 million tons. In the fourth quarter, ArcelorMittal produced 14.8 million tons of iron ore, which is 0.6% lower than the same indicator a year ago, and produced 19.8 million tons of crude steel, a decrease of 13% year-on-year.

ArcelorMittal is registered in Luxembourg. The concern was established in 2006 by the merger of the Luxembourg company Arcelor and the Indian Mittal Steel, owned by Indian businessman Lakshmi Mittal.

source: bloomberg.com

You might also like

Leave a Comment