Global steelmaker ArcelorMittal showed a 68.65% year-on-year decrease in earnings by its European unit in the second quarter of 2019, the company said on Thursday August 1.
ArcelorMittal Europe's quarterly earnings before interest, taxes, depreciation and amortization (Ebitda) dropped to $359 million in April-June 2019, down from $1.15 billion in the corresponding period of 2018.The decrease was mainly driven by "negative price-cost effects, foreign exchange impacts, and continued losses at ArcelorMittal Italia," the company said.The company's average steel selling price dropped by 12% year-on-year to $704 per tonne in the second quarter of this year.Fastmarkets' price assessment for steel hot-rolled coil, domestic, exw Northern Europe, averaged ?,?492.69 ($548.34) per tonne in the second quarter...