ArcelorMittal Q3 Loss From Cont. Ops. Narrows - Quick Facts

(RTTNews) - ArcelorMittal (MT), the world's leading steel company, reported that its third-quarter net loss from continuing operations narrowed to $193 million, from a loss of $652 million, last year. Loss per share was $0.12, compared to a loss of $0.42 per share, a year ago. Impairment charges for the quarter were $101 million related to the costs associated with the discontinued iron ore project in Senegal.

EBITDA increased to $1.71 billion, from $1.44 billion, prior year. Operating income was $477 million compared to $55 million, prior year.

Sales were $19.64 billion, compared to $19.72 billion, last year. The company still expects 2013 EBITDA to be greater than $6.5 billion.

Lakshmi Mittal, ArcelorMittal Chairman and CEO, said: "After a weak first half, we have seen third quarter performance improve year-on-year, positively impacted by our cost optimisation efforts and the increased shipments from our mining expansion. We believe that the bottom of the cycle is behind us and expect second half EBITDA, usually comparably weaker, to be at least equal to the first. Although operating conditions remain challenging, as economic indicators are improving we are cautiously optimistic about the prospects for 2014."