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
Sales 19,188 18,327 18,522 19,998 19,186
Operating income 769 1,042 1,567 2,361 1,569
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 1,652 1,951 2,729 3,073 2,512
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

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