ArcelorMittal Q2 Sales and Profits Top Expectations

ArcelorMittal earned a profit of $1.29 per share in the second quarter, beating the Capital IQ consensus estimate of $1.05 per share, and up from $1.13 per share the same quarter last year. Total revenue of $17.24 billion increased from $14.74 billion a year ago and beat the estimated $16.88 billion.

For 2017, the company has raised its global steel demand forecasts to +2.5% to +3.0% from previous growth estimates of +0.5% to +1.5%. Cash needs of the business are expected to decline to $4.6 billion from previous guidance of $5.0 billion, while capital expenditures should remain unchanged at $2.9 billion.

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