reporting a net loss in 2019 of $2.45 billion or $2.42 earnings per common
share, compared to a net income in 2018 of $5.15 billion.
The company is also
reporting a net loss in the fourth quarter of $1.88 billion or $1.86,
compared to a net income in the year-ago period of $1.19 billion.
“2019 was a very
tough year, reflected in our significantly reduced profitability,” Chair and
CEO Lakshmi Mittal said in a statement released today. “However, our cash
generation remained strong helping to reduce net debt to the lowest ever
level. This demonstrates the contribution of our Action2020 program which
was designed to ensure ArcelorMittal can be cash flow positive through all
aspects of the steel cycle. We expect to make further de-leveraging progress
strong balance sheet and reach our net debt target is a clear priority for
ArcelorMittal,” Mittal also said. “Having now completed the acquisition of
Essar Steel India in partnership with Nippon Steel, we have also secured a
new opportunity for the group in the fast-growing Indian market. The asset
is performing well and offers considerable brownfield potential aligned with
the country’s ambition to triple crude steel production over the next 10
conditions remain challenging, there are encouraging early signs of
improvement, particularly in our core markets of U.S., Europe, and Brazil,”
Mittal added. “With inventory levels having reached a very low level
following a period of de-stocking, we are seeing customers return to the
market, supporting an improved pricing environment.”
“There are signs
that the real demand slowdown is beginning to stabilize, and the supportive
inventory environment means that we expect apparent steel consumption in our
core markets to grow in 2020,” the company said.
“Certain cash needs
of the business are expected to be approximately $4.5 billion,” the company
said, compared to $5 billion in 2019, primarily due to lower planned capital
billion ($76.03 billion in 2018).
before interest, taxes, depreciation, and amortization): $5.2 billion
($10.27 billion in 2018).
$627 million (operating income of $6.54 billion in 2018).
per ton: $7 (operating income per ton of $78 in 2018).
million metric tons (83.9 million in 2018).
production: 89.8 million metric tons (92.5 million in 2018).