reporting a net loss in 2015 of $7.946 billion dollars of $4.43 per share,
compared to a net loss in 2014 of $1.086 billion or 61 cents.
include impairment charges of $4.8 billion ($264 million in impairments in
2014); and exceptional charges of $1.4 billion (none in 2014). The adjusted
net loss in 2015 was $300 million ($400 million in 2014).
also reporting a net loss in the fourth quarter of $6.686 billion or $3.72
per share, compared to a net loss in the third quarter of $711 million or 40
cents and a net loss in the year-ago period of $955 million or 53 cents.
released the following statement by Chair and CEO Lakshmi Mittal:
“2015 was a very
difficult year for the steel and mining industries. Although demand in our
core markets remained strong, prices deteriorated significantly during the
year as a result of excess capacity in China. Throughout the year we have
rigorously focused on implementing a series of measures aimed at reducing
costs and ensuring the business is adapted for these tough market
conditions. As a result of these measures we succeeded in ending the year
with net debt slightly below the end of 2014 despite significantly lower
have announced a disappointing net loss which includes non-cash impairment
charges on our mining assets as a result of the very considerable fall in
the iron-ore price. Our mining business is fully focused on adapting to this
low price environment and has reduced cash costs of 20 percent compared with
an initial target of 15 percent. A further 10 percent is targeted for 2016.
although we have started to see a recovery in Chinese steel spreads from
2015 lows, 2016 will be another difficult year for our industries. It is
clear that China has a challenge to restructure its steel industry for a
lower growth economy but we are somewhat encouraged by recent comments
concerning capacity closures. Until this situation is fully addressed the
effective and swift implementation of trade defense instruments will be
critical and we expect to see more positive rulings in this regard during
“Our priority is to
ensure that we deliver on our financial targets and strategic projects. We
have today announced a new strategic plan for the period to 2020 following a
detailed analysis of performance improvement potential across the group.
‘Action 2020’ sets out specific targets for each business segment which
combined aim to achieve a further $3 billion of EBITDA improvement potential
and enable to the business to generate $2 billion of annual free cash flow.
“Reducing net debt
remains an important priority and given market conditions it is prudent to
take proactive steps to accelerate progress. We have today announced the
sale of our minority shareholding in Gestamp, and are taking further steps
to reduce net debt.
there is no doubt these are challenging times but we are confident that
ArcelorMittal is taking all the right actions and has the right assets, the
right strategy, and the right balance sheet to deliver on the targets
identified and cement our position as the world’s leading steel company.”
* Sales of $63.578
billion ($79.282 billion in 2014).
* EBITDA (earnings
before interest, taxes, depreciation) of $5.231 billion ($7.237 billion in
* Operating loss of
$4.161 billion (an operating income of $3.034 billion in 2014).
* Shipments of 84.6
million metric tons (85.1 million in 2014).
* Crude steel
production of 92.5 million metric tons (93.1 million in 2014).
Including U.S. Flat, Long, and Tubular
* Sales of $17.293
billion ($21.162 billion in 2014).
* EBITDA of $891
million ($1.206 billion in 2014).
* Operating loss of
$705 million (an operating income of $386 million in 2014).
charges of $454 million (no exceptional charges in 2014).
* Steel shipments
of 21.306 million metric tons (23.074 million in 2014).
* Crude steel
production of 22.795 million metric tons (25.036 million in 2014).
* Average steel
selling price of $732 per ton ($843 per ton in 2014).