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 period ended March 31, 2020.
COVID-19 impacts
- Faced with a significant humanitarian challenge from the COVID-19 pandemic, the Company’s first priority has been to take all the necessary actions to safeguard the wellbeing of our people and to provide support to the extent required in the communities in which we operate
- Economic activity and steel market conditions have significantly deteriorated since measures were introduced by governments worldwide to contain the COVID-19 pandemic
- The Company has responded swiftly: aligning production to a lower order book, and taking measures to reduce all costs in line with exceptionally low capacity utilization levels
Highlights of 1Q 2020:
- Health and safety performance: LTIF rate[2] of 1.01x in 1Q 2020
- Improved operating performance in 1Q 2020 reflects the positive market developments prior to the escalation of the COVID-19 pandemic in March; operating loss of $0.4bn (vs. loss of $1.5bn in 4Q 2019); EBITDA increased to $1.0bn (4.5% higher than 4Q 2019)
- Net loss of $1.1bn in 1Q 2020 (adjusted net loss of $0.6bn, excluding impairment and exceptional items)[3]
- Strong cash management during the quarter, including a working capital investment limited to $0.1bn; gross debt of $13.8bn and a marginal increase in net debt to $9.5bn (down $1.7bn vs 1Q 2019)
- Liquidity at the end of 1Q 2020 stood at $9.8bn (consisting of cash and cash equivalents of $4.3bn and $5.5bn of available credit lines[5]); further supplemented by a recently signed new $3bn credit facility[5]
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SOURCE: ArcelorMittal
