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Feb.18.2019 1USD=6.7623RMB
  SteelHome >>Steel>>Market Info>>Special Studies
 
ArcelorMittal Reports Fourth Quarter 2018 and Full Year 2018 Results

http://en.steelhome.cn [SteelHome] 2019-02-10 17:33:54

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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

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