ArcelorMittal reports first quarter 2019 results
by David Fleschen
ArcelorMittal, the world’s leading integrated steel and mining company, has announced results for the three-month period ended March 31, 2019.
Financial highlights (on the basis of IFRS):
|(USDm) unless otherwise shown||1Q 19||4Q 18||3Q 18||2Q 18||1Q 18|
|Net income attributable to equity holders of the parent||414||1,193||899||1,865||1,192|
|Basic earnings per share (US$)||0.41||1.18||0.89||1.84||1.17|
|Operating income/ tonne (US$/t)||35||51||76||109||73|
|EBITDA/ tonne (US$/t)||76||96||133||141||118|
|Steel-only EBITDA/ tonne (US$/t)||56||79||119||127||101|
|Crude steel production (Mt)||24.1||22.8||23.3||23.2||23.3|
|Steel shipments (Mt)||21.8||20.2||20.5||21.8||21.3|
|Own iron ore production (Mt)||14.1||14.9||14.5||14.5||14.6|
|Iron ore shipped at market price (Mt)||9.2||10.0||8.5||10.0||9.1|
Commenting, Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO, said:
"Our first quarter results reflect the challenging operating environment the industry has faced in recent months. Profitability has been impacted by lower steel pricing due to weaker economic activity and continued global overcapacity, as well as rising raw material costs as a result of supply-side developments in Brazil.
"We continue to face a challenge from high levels of imports, particularly in Europe, where safeguard measures introduced by the European Commission have not been fully effective. Although we are somewhat encouraged by the firmer price environment in China, this is not being reflected in Europe where in order to adapt to the current market environment we have recently announced annualized production cuts of three million tonnes in our flat steel operations. It is important there is a level playing field to address unfair competition, and this includes a green border adjustment to ensure that imports into Europe face the same carbon costs as producers in Europe.
"We remain focussed on our own initiatives to improve performance through delivery of our Action2020 plan. Generating positive free cash flow, demonstrating progress in our efforts to further strengthen our balance sheet and improve shareholder returns are the priority.”
Source: ArcelorMittal, Photo: Fotolia