ArcelorMittal (referred to as “ArcelorMittal” or the “Company”) (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading integrated steel and mining company, today announced results[1] for the three-month and twelve-month periods ended December 31, 2019.
2019 key highlights:
- Against a challenging market backdrop in 2019, ArcelorMittal generated $2.4bn free cash flow (net cash provided by operating activities of $6.0bn less capex of $3.6bn) and reported a net loss of $2.5bn (adjusted net income of $0.3bn, excluding impairment and exceptional items)[2]
- Ended the year with gross debt of $14.3bn and net debt of $9.3bn (the lowest level since the merger); targeting achievement of the $7bn net debt objective by end of 2020
- Achieved further $0.4bn of Action2020 gains, with identified new cost improvement opportunities totalling $1bn to be targeted in 2020
- Completed the acquisition of Essar Steel India in partnership with Nippon Steel
Outlook for 2020:
- There are signs that the real demand slowdown is beginning to stabilise, and the supportive inventory environment means that we expect apparent steel consumption in our core markets to grow in 2020
- Certain cash needs of the business expected to be approximately $4.5bn (vs. $5.0bn in 2019, primarily due to lower planned capex).
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SOURCE: ArcelorMittal
