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ArcelorMittal Reports Q3 & 9M Results

Steel News - Published on Fri, 08 Nov 2019

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ArcelorMittal has announced results for the three-month and nine-month periods ended September 30, 2019. Mr LN Mittal, ArcelorMittal Chairman and CEO, said "As anticipated, we continued to face tough market conditions in the third quarter, characterized by low steel prices coupled with high raw material costs. In these markets, we remain focused on our own initiatives to improve performance and our priority is to reduce costs, adapt production and focus on ensuring the business remains cash flow positive. We continue to expect a substantial working capital release in the fourth quarter which should enable us to further reduce net debt year on year.”

Highlights

Operating income of USD 0.3 billion in 3Q 2019 as compared to an operating loss of USD 0.2 billion in 2Q 2019

EBITDA of USD 1.1 billion in 3Q 2019, 31.6% lower as compared to USD 1.6 billion in 2Q 2019, primarily reflecting the impact of seasonally lower steel shipments and negative price-cost effect on the steel business, and the impact of lower marketable iron ore shipments (-14.7%) and lower iron ore quality premia on the mining segment results

Net loss of USD 0.5 billion in 3Q 2019 as compared to net loss of USD 0.4 billion in 2Q 2019

Steel shipments of 20.2 million tonnes in 3Q 2019, 7.3% below 2Q 2019 on a comparable basis (i.e excluding scope effect of remedy assets) largely reflecting seasonality

3Q 2019 iron ore shipments of 14.6 million tonnes (+2.7% YoY), of which 8.4 million tonnes shipped at market prices (-1.5% YoY)

(USDm) unless otherwise shown3Q 192Q 19QoQ3Q 18YoY9M 199M 18YoY
Sales16,63419,279-13.7%18,522-10.2%55,10157,706-4.5%
Operating income/(loss)297-158-288.0%1,567-81.0%9085,497-83.5%
Net (loss)/income-539-44720.6%899-160.0%-5723,956-114.5%
EBITDA1,0631,555-31.6%2,729-61.0%4,2708,314-48.6%
EBITDA/ tonne (US$/t)5368-22.1%133-60.2%66131-49.6%
Crude steel production (Mt)22.223.8-6.7%23.3-4.7%70.169.80.4%
Steel shipments (Mt)20.222.8-11.4%20.5-1.5%64.863.61.9%
Own iron ore production (Mt)13.614.6-6.8%14.5-6.2%42.343.5-2.8%
Iron ore shipped at market price (Mt)8.49.9-15.2%8.5-1.2%27.527.7-0.7%
 

Source :

Posted By : Rabi Wangkhem on Fri, 08 Nov 2019
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