0813 GMT - ArcelorMittal's steel shipments were resilient in the third quarter, despite being seasonably weak, Citi analysts say in a research note. In addition, the steelmaker's Ebitda exceeded company-provided consensus driven by the performance in Brazil and Europe, which offset weakness in North America, the analysts say. The underlying strength of the company's result can be found in its steel business Ebitda at $94 a ton, which is almost flat from the prior quarter, the analysts say. "We expect the earnings beat and guidance to be positively received by the market. Full year consensus expectations could see 1-2% positive revisions on the back of earnings beat," the analysts say. Shares trade up 2.5% at 23.70 euros. (pierre.bertrand@wsj.com)
(END) Dow Jones Newswires
November 07, 2024 03:13 ET (08:13 GMT)
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