ArcelorMittal reports third quarter 2019 and nine months 2019 results

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Overig advies 07/11/2019 07:16
Luxembourg, November 7, 2019 - 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-month and nine-month periods ended September 30, 2019.


Health and safety: LTIF rate[2] of 1.36x in 3Q 2019 as compared to 1.26x in 2Q 2019; 1.24x in 9M 2019
Operating income of $0.3bn in 3Q 2019 as compared to an operating loss of $0.2bn in 2Q 2019
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[3] on the mining segment results
Net loss of $0.5bn in 3Q 2019 as compared to net loss of $0.4bn in 2Q 2019
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
3Q 2019 iron ore shipments of 14.6Mt (+2.7% YoY), of which 8.4Mt shipped at market prices (-1.5% YoY)
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 (on the basis of IFRS[1]):

(USDm) unless otherwise shown 3Q 19 2Q 19 3Q 18 9M 19 9M 18
Sales 16,634 19,279 18,522 55,101 57,706
Operating income/(loss) 297 (158) 1,567 908 5,497
Net (loss)/income attributable to equity holders of the parent (539) (447) 899 (572) 3,956
Basic (loss)/earnings per common share (US$) (0.53) (0.44) 0.89 (0.56) 3.89

Operating income/(loss) / tonne (US$/t) 15 (7) 76 14 86
EBITDA 1,063 1,555 2,729 4,270 8,314
EBITDA/ tonne (US$/t) 53 68 133 66 131
Steel-only EBITDA/ tonne (US$/t) 34 43 119 45 116

Crude steel production (Mt) 22.2 23.8 23.3 70.1 69.8
Steel shipments (Mt) 20.2 22.8 20.5 64.8 63.6
Own iron ore production (Mt) 13.6 14.6 14.5 42.3 43.5
Iron ore shipped at market price (Mt) 8.4 9.9 8.5 27.5 27.7

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.”

Third quarter 2019 earnings analyst conference call

ArcelorMittal will hold a conference call hosted by Heads of Finance and Investor Relations for members of the investment community to discuss the three-month and nine-month periods ended September 30, 2019 on: Thursday November 7, 2019 at 9.30am US Eastern time; 14.30pm London time and 15.30pm CET.

tijd 17.39
De AEX 597,11 +2,18 +0,37% Arcelor EUR 15,50 +97,6ct vol. 14.188.175

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