Deals
ArcelorMittal Profit Drops, Cuts Dividend on Steel Demand
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ArcelorMittal, the world’s biggest steelmaker, reported the lowest quarterly profit in almost three years and cut its 2013 dividend to save $1 billion as slowing Asian demand sinks prices and the company attempts to cut debt.
Next year’s payout will drop to 20 cents a share from the 75 cents planned for 2012, the Luxembourg-based company said in a statement. Earnings before interest, taxes, depreciation and amortization declined by 44 percent to $1.34 billion, in line with estimates by 17 analysts surveyed by Bloomberg.