ArcelorMittal Brazil sees EBITDA decline in Q2

ArcelorMittal Brazil sees EBITDA decline in Q2

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Global steelmaker ArcelorMittal said EBITDA at its Brazil segment in Q2 fell to $168 million, from $313 million in Q2 2019, and from $219 million in Q1 this year.

The company attributed the weaker quarter-on-quarter EBITDA to reduced profit margins on steel sales volumes, as a result of Covid-19.

ArcelorMittal said Brazil’s net revenues in Q2 fell 43.9 percent, year-on-year, and 25.1 percent, quarter-on-quarter, to $1.1 billion. The quarter-on-quarter decline was due to weaker steel sales volumes and diminished steel selling prices in Q2 2020.

The company’s crude steel output in Brazil in Q2 was 1.7 million mt, 40.2 percent down, year-on-year, and 36.8 percent down, quarter-on-quarter.

Operating income was $117 million in Q2 this year, down from $234 million in Q2 2019.

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