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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 results1 for the
three-month and twelve-month periods ended December 31, 2018.
2018 Highlights:
• Health and safety performance improved in FY 2018 with annual LTIF
rate of 0.69x vs. 0.78x in FY 2017
• FY 2018 operating income of $6.5bn (+20.3% YoY); operating income of
$1.0bn in 4Q 2018 (-15.6% YoY)
• FY 2018 EBITDA of $10.3bn (+22.1% YoY); EBITDA of $2.0bn in 4Q 2018
(-8.9% YoY) • FY 2018 net income of $5.1bn, +12.7% higher as compared to
$4.6bn for FY 2017
• FY 2018 steel shipments of 83.9Mt (-1.6% YoY); 4Q 2018 steel shipments
of 20.2Mt (-3.6% YoY)
• FY 2018 crude steel production of 92.5Mt (-0.6% YoY); 4Q 2018 crude
steel production of 22.8Mt (stable YoY)
• FY 2018 iron ore shipments of 58.3Mt (+0.7% YoY), of which 37.6Mt
shipped at market prices (+5.5% YoY); 4Q 2018 iron ore shipments of
15.7Mt (+9.8% YoY), of which 10.0Mt shipped at market prices (+18.2%
YoY)
• Gross debt of $12.6bn as of December 31, 2018. Net debt of $10.2bn as
of December 31, 2018, lower as compared to $10.5bn as of September 30,
2018 and broadly stable as compared to $10.1bn as of December 31, 2017
• FY 2018 cash flow from operating activities of $4.2bn less capex of
$3.3bn for free cash flow (FCF) of $0.9bn despite working capital
investment of $4.4bn, premium to repay bonds ($0.1bn) and litigation
fines ($0.1bn)
Outlook and Guidance:
• ArcelorMittal expects global steel demand to slightly expand in FY
2019 as compared to FY 2018
• Steel shipments are expected to increase, supported by improved
operational performance
• The Company expects certain cash needs of the business (including
capex, interest, cash taxes, pensions and certain other cash costs but
excluding working capital changes) to increase in 2019 to approximately
$6.4bn. Capex is expected to increase to $4.3bn (versus $3.3bn in FY
2018) including $0.4bn carried over from 2018, the impact of Ilva
($0.4bn) and the continued investment in high returns projects in Mexico
and Brazil. Interest is expected to be stable at $0.6bn while cash
taxes, pensions and other cash costs are expected to increase by $0.4bn
primarily on account of certain cash tax settlements deferred from 2018
and non-recurrence of certain gains on other accounts
Financial highlights (on the basis of IFRS)
|
(USDm) unless otherwise shown |
4Q 18 |
3Q 18 |
4Q 17 |
12M 18 |
12M 17 |
|
Sales |
18,327 |
18,522 |
17,710 |
76,033 |
68,679 |
|
Operating income |
1,042 |
1,567 |
1,234 |
6,539 |
5,434 |
|
Net income attributable to equity holders of the parent |
1,193 |
899 |
1,039 |
5,149 |
4,568 |
|
Basic earnings per share (US$) |
1.18 |
0.89 |
1.02 |
5.07 |
4.48 |
|
Operating income/ tonne (US$/t) |
51 |
76 |
59 |
78 |
64 |
|
EBITDA |
1,951 |
2,729 |
2,141 |
10,265 |
8,408 |
|
EBITDA/ tonne (US$/t) |
96 |
133 |
102 |
122 |
99 |
|
Steel-only EBITDA/ tonne (US$/t) |
79 |
119 |
89 |
107 |
82 |
|
Crude steel production (Mt) |
22.8 |
23.3 |
22.7 |
92.5 |
93.1 |
|
Steel shipments (Mt) |
20.2 |
20.5 |
21 |
83.9 |
85.2 |
|
Own iron ore production (Mt) |
14.9 |
14.5 |
14.4 |
58.5 |
57.4 |
|
Iron ore shipped at market price (Mt) |
10 |
8.5 |
8.4 |
37.6 |
35.7 |
Related Link: Official
Document |
