LUXEMBOURG (dpa-AFX) - Steel and mining major ArcelorMittal S.A. (MT) reported Wednesday lower profit and sales in its first quarter, despite higher steel and iron ore production.
Looking ahead, the company said it continues to execute strategic growth agenda which is expected to deliver an incremental $1.8 billion EBITDA by 2027.
In the quarter, net income attributable to equity holders of the parent dropped to $805 million or $1.04 per share from last year's $938 million or $1.16 per share.
The prior year's adjusted net income was $757 million or $0.94 per basic share.
The Wall Street analysts on average expected the company to report earnings of $0.73 per share. Analysts' estimates typically exclude special items.
EBITDA fell to $1.58 billion from last year's $1.96 billion.
Sales in the quarter declined to $14.80 billion from $16.28 billion a year ago. The Street expected sales of $15.22 billion.
Crude steel production, Steel shipments and total Group iron ore production were higher than last year.
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