Welcome to Refwin.com, Join Free  |  Sign In Home  Inquiry   Contact   Mobile   Free E-Weekly News   中文站
Directory Price Market Buy News Conference Dictionary
I want to search:          
Home >>News 
ArcelorMittal reports third quarter 2019 and nine months 2019 results
2019-11-07

Nov. 7, 2019 - ArcelorMittal today announced results for the three-month and nine-month periods ended September 30, 2019.


Highlights:


1. Health and safety: LTIF rate of 1.36x in 3Q 2019 as compared to 1.26x in 2Q 2019; 1.24x in 9M 2019

2. Operating income of $0.3bn in 3Q 2019 as compared to an operating loss of $0.2bn in 2Q 2019

3. EBITDA of $1.1bn in 3Q 2019, 31.6% lower as compared to $1.6bn 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

4. Net loss of $0.5bn in 3Q 2019 as compared to net loss of $0.4bn in 2Q 2019

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

6. 3Q 2019 iron ore shipments of 14.6Mt (+2.7% YoY), of which 8.4Mt shipped at market prices (-1.5% YoY)

7. Gross debt of $14.3bn as of September 30, 2019, as compared to $13.8bn as of June 30, 2019. Net debt increased by $0.5bn during the quarter to $10.7bn as of September 30, 2019, primarily driven by negative free cash flow due in part to a seasonal working capital investment ($0.2bn)


Financial highlights



Commenting, Mr. Lakshmi N. 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.”

Related Reading
ArcelorMittal Poland complete modernization of rolling mill at Sosnowiec   2019-12-05
Italy’s Government Discussing Steel-Mill Plan With ArcelorMittal   2019-11-25
ArcelorMittal India entry: Domestic steel firms say more players in market to spur innovation   2019-11-22
Indian Supreme Court approves ArcelorMittal's acquisition of Essar Steel   2019-11-18
Supreme Court paves way for ArcelorMittal to acquire Essar Steel   2019-11-16
ArcelorMittal to idle blast furnace in Poland   2019-11-15

X
Online Service