The world’s top steelmaker outside of China reported a 28% decline in earnings from the previous quarter, better than analysts expected. Margins and sales were squeezed as the manufacturing and construction sectors languished.
Still, ArcelorMittal left its forecast for 2023 steel consumption outside China unchanged, after cutting its projection in July. It sees European steel consumption toward the bottom end of its previous forecast.ArcelorMittal has particular difficulties of its own. The firm is set to lose its steel plants and mines in Kazakhstan following an accident that killed 46 people. Meanwhile, its giant Ukrainian mill has faced frequent disruption since Russia invaded the country.
The steel giant is still seeking new assets elsewhere. It’s in the running to buy United States Steel Corp., which would be the firm’s biggest deal since the merger that created ArcelorMittal almost two decades ago.The company reported third quarter earnings before interest, taxes, depreciation and amortization of $1.87 billion.
Discover a world of exciting games, from heart-pumping action to brain-teasing puzzles. Get the latest versions of the top games in 2023.CALGARY — Suncor Energy Inc. says it earned a profit of $1.54 billion in the third quarter of 2023, compared to a net loss of $609 million in the prior year's quarter. The Calgary-based energy giant says its earnings work out to $1.19 per share, compared to a loss of 45 cents per common share in the same three months of 2022.
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BNNBloomberg - 🏆 83. / 50 Read more »