Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



ArcelorMittal Proposes Big Dividend Cut

Watch stocks you care about

The single, easiest way to keep track of all the stocks that matter...

Your own personalized stock watchlist!

It's a 100% FREE Motley Fool service...

Click Here Now

Steelmaker ArcelorMittal (NYSE: MT  ) posted a steep net loss for its third quarter and has proposed a sharp cut in its dividend, the company announced today.

ArcelorMittal's 3Q revenues were $19.7 billion with a reported net loss of $709 million, or $0.46 per share. The former was broadly in line with expectations, but analysts had anticipated a positive EPS of around $0.14.

Revenues were $22.5 billion in the previous quarter and $24.2 billion in the year-ago quarter. The company netted a profit in both those periods of $959 million and $659 million, respectively.

The company attributed the shortfall in 3Q results to the economic slowdown in China and the negative development of steel prices, among other factors.

Citing the global economic conditions and the need to service some of its net debt of over $23 billion, ArcelorMittal's board of directors has proposed a cut of more than 70% in the firm's dividend, to $0.20 per share for 2013 from 2012's level of $0.75.

Eric Volkman has no positions in ArcelorMittal. The Motley Fool owns shares of ArcelorMittal. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2087109, ~/Articles/ArticleHandler.aspx, 10/21/2016 11:24:56 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,081.65 -80.70 -0.44%
S&P 500 2,136.75 -4.59 -0.21%
NASD 5,249.37 7.54 0.14%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

10/21/2016 11:08 AM
MT $6.74 Up +0.21 +3.22%
ArcelorMittal CAPS Rating: ***