Luxembourg, February 10, 2017 - ArcelorMittal (referred to as “ArcelorMittal” or the “Company”) (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading integrated steel and mining company, today announced results[1] for the three and twelve month periods ended December 31, 2016.

Highlights:
Health and safety performance was stable in FY 2016 as compared to FY 2015 with annual LTIF rate of 0.82x
FY 2016 operating income of $4.2 billion; operating income of $0.8 billion in 4Q 2016 as compared to operating loss of $5.3 billion in 4Q 2015
FY 2016 EBITDA of $6.3 billion versus $5.2 billion in FY 2015; EBITDA of $1.7 billion in 4Q 2016; up 51% versus 4Q 2015
FY 2016 net income of $1.8 billion as compared to FY 2015 net loss of $7.9 billion
FY 2016 steel shipments of 83.9Mt (-0.8% YoY); 4Q 2016 steel shipments of 20.0Mt up +1.6% versus 4Q 2015
FY 2016 iron ore shipments of 55.9Mt (-10.4% YoY), of which 33.6Mt shipped at market prices (-16.6% YoY); 4Q 2016 iron ore shipments of 13.5Mt (-13.4% YoY), of which 8.1Mt shipped at market prices (-17.5% YoY)
Net debt decreased to $11.1 billion as of December 31, 2016; $4.6 billion lower as compared to December 31, 2015

Strategic progress in 2016:

The Company has continued to make progress on its strategic objectives during 2016, including:
Action 2020 delivering with $0.9 billion contribution to 2016 operating results
FY 2016 cash requirements of the business[2] limited to $4.5 billion, in line with targets
Cash flow from operations exceeded capex, in line with targets
Net debt/EBITDA reduced to 1.8x in FY 2016 versus 3.0x in FY 2015

Financial highlights (on the basis of IFRS[1]):


(USDm) unless otherwise shown
4Q 16 3Q 16 4Q 15 12M 16 12M 15

Sales 14,126 14,523 13,981 56,791 63,578
Operating income / (loss) 809 1,204 (5,331) 4,161 (4,161)
Net income/(loss) attributable to equity holders of the parent 403 680 (6,686) 1,779 (7,946)
Basic earnings/(loss) per share (US$)[3] 0.13 0.22 (2.89) 0.62 (3.43)
Operating income/(loss)/ tonne (US$/t) 40 59 (270) 50 (49)
EBITDA 1,661 1,897 1,103 6,255 5,231
EBITDA/ tonne (US$/t) 83 93 56 75 62
Steel-only EBITDA/ tonne (US$/t) 68 83 51 65 56
Crude steel production (Mt) 21.8 22.6 21.6 90.8 92.5
Steel shipments (Mt) 20.0 20.3 19.7 83.9 84.6
Own iron ore production (Mt) 13.9 13.7 15.5 55.2 62.8
Iron ore shipped at market price (Mt) 8.1 8.1 9.9 33.6 40.3

Commenting, Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO, said:

“2016 was a year of progress for ArcelorMittal, characterised by improving market conditions, a strong contribution from our Action 2020 programme and steps from governments to address unfair trade. As a result, EBITDA was comfortably in excess of initial expectations and, furthermore, we have delivered on our commitment to prioritise debt reduction, significantly strengthening our balance sheet and ending the year with the lowest level of net debt since the creation of the Company.

We enter 2017 with good momentum in the business and the market. Our increased confidence is reflected in the Board’s decision to increase capital expenditure for 2017. The improvement in performance is, however, from a low base so we will need to continue to prioritise improved returns. Central to this will be our Action 2020 programme which will sustainably improve the underlying performance of the business. We remain fully focussed on continuing the good progress in the three areas of cost optimisation, product mix and volume growth. In addition, given global overcapacity, ensuring fair trade remains crucial and we will continue to call for a comprehensive solution to unfair trade practises.”


Forward-Looking Statements

This document may contain forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,” “target” or similar expressions. Although ArcelorMittal’s management etc. etc..

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