UPDATE: ArcelorMittal Posts Q3 Loss, Lowers Dividend
ArcelorMittal (NYSE: MT) posted a net loss in the third quarter and announced its plans to cut the annual dividend.
ArcelorMittal's board of directors proposed to lower the annual dividend to $0.20 per share in 2013, versus $0.75 this year.
ArcelorMittal posted a quarterly net loss of $709 million, versus a year-ago net profit of $659 million. However, analysts were expecting a net loss of $230 million.
Its revenue dropped 18.5% to $19.72 billion, while earnings before interest, taxes, depreciation and amortization (EBITDA) declined 45% to $1.34 billion.
ArcelorMittal shares closed at $15.44 on Friday.
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