Trending: ArcelorMittal Beat Earnings Views, Books Large Net Loss

1032 GMT - ArcelorMittal is among the most mentioned companies across news items over the past 4 hours, according to Factiva data, after the steel major posted a large net loss in the fourth quarter. The quarterly result--a swing from a net profit in the prior-year's fourth quarter--was dragged by a $1.41 billion impairment charge related to investments in Acciaierie d'Italia, as well as a $2.43 billion hit from the sale of operations in Kazakhstan. The net loss amounted to $2.97 billion compared with a profit of $261 million. Shares, however, moved upward as earnings before interest, taxes, depreciation and amortization was better than what market watchers had expected. Additionally, ArcelorMittal flagged that it sees improving steel demand as the destocking trend experienced in the third quarter eases. Steel consumption is expected to grow by 3% to 4% globally in 2024, excluding China, the company said. Dow Jones & Co. owns Factiva. (christian.moess@wsj.com)

(END) Dow Jones Newswires

February 08, 2024 05:47 ET (10:47 GMT)

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