|
Highlights
Operating income decreased to $0.8bn in 1Q 2019 as compared to $1.0bn in
4Q 2018 and $1.6bn in 1Q 2018.
EBITDA of $1.7bn in 1Q 2019, 15.3% lower as compared to $2.0bn in 4Q
2018, primarily reflecting a negative price-cost effect; 1Q 2019 EBITDA
down 34.2% YoY.
Net income of $0.4bn in 1Q 2019.
Steel shipments of 21.8Mt in 1Q 2019, up 7.9% vs. 4Q 2018 and up 2.2%
vs. 1Q 2018.
1Q 2019 iron ore shipments of 13.8Mt (stable YoY), of which 9.2Mt
shipped at market prices (+0.4% YoY).
Gross debt of $13.4bn as of March 31, 2019 as compared to $12.6bn as of
December 31, 2018. Net debt increased to $11.2bn as of March 31, 2019
due to impact of IFRS 1612 lease accounting ($1.2bn). Excluding IFRS 16
Leases impact, net debt would be $10.0bn as of March 31, 2019 as
compared to $10.2bn as of December 31, 2018.
Analysis of results for 1Q 2019 versus
4Q 2018 and 1Q 2018
Total steel shipments in 1Q 2019 were 7.9% higher at 21.8Mt as compared
with 20.2Mt for 4Q 2018 primarily due to higher steel shipments in
Europe (+14.4%) due in part to the acquisition of ArcelorMittal Italia
(following its consolidation from November 1, 2018) and NAFTA (+2.8%),
offset in part by lower steel shipments in Brazil (-5.7%). Excluding the
impact of ArcelorMittal Italia, steel shipments were 5.0% higher as
compared to 4Q 2018.
Total steel shipments in 1Q 2019 were 2.2% higher as compared with
21.3Mt for 1Q 2018 primarily due to higher steel shipments in Europe
(+8.0%) due in part to the acquisition of ArcelorMittal Italia and
Brazil (+16.0%) due in part to the impact of the Votorantim acquisition
following its consolidation as from April 2018, offset in part by lower
steel shipments in NAFTA (-4.3%) and ACIS (-12.1%) which was impacted by
operational issues in Temirtau, Kazakhstan. Excluding the impacts of the
ArcelorMittal Italia and Votorantim acquisitions, steel shipments were
3.6% lower as compared to 1Q 2018.
Sales in 1Q 2019 were $19.2 billion as compared to $18.3 billion for 4Q
2018 and $19.2 billion for 1Q 2018. Sales in 1Q 2019 were 4.7% higher as
compared to 4Q 2018 primarily due to higher steel shipments (+7.9%) and
higher seaborne iron ore reference prices (+15.2%), offset in part by
lower average steel selling prices (-3.1%) and seasonally lower
market-priced iron ore shipments (-8.2%). Sales in 1Q 2019 were stable
as compared to 1Q 2018 as the impacts of lower average steel selling
prices (-3.1%) were offset by higher steel shipments (+2.2%) and higher
seaborne iron ore reference prices (+10.8%).
Financial highlights (on the basis of
IFRS1)
|
(USDm) unless otherwise shown |
1Q 19 |
4Q 18 |
3Q 18 |
2Q18 |
1Q18 |
|
Sales |
19,188 |
18,327 |
18,522 |
19,998 |
19,186 |
|
Operating income |
769 |
1,042 |
1,567 |
2,361 |
1,569 |
|
Net income attributable to equity holders of the parent |
414 |
1,193 |
899 |
1,865 |
1,192 |
|
Basic earnings per share (US$) |
0.41 |
1.18 |
0.89 |
1.84 |
1.17 |
|
Operating income/ tonne (US$/t) |
35 |
51 |
76 |
109 |
73 |
|
EBITDA |
1,652 |
1,951 |
2,729 |
3,073 |
2,512 |
|
EBITDA/ tonne (US$/t) |
76 |
96 |
133 |
141 |
118 |
|
Steel-only EBITDA/ tonne (US$/t) |
56 |
79 |
119 |
127 |
101 |
|
Crude steel production (Mt) |
24.1 |
22.8 |
23.3 |
23.2 |
23.3 |
|
Steel shipments (Mt) |
21.8 |
20.2 |
20.5 |
21.8 |
21.3 |
|
Own iron ore production (Mt) |
14.1 |
14.9 |
14.5 |
14.5 |
14.6 |
|
Iron ore shipped at market price (Mt) |
9.2 |
10 |
8.5 |
10 |
9.1 |
Source from
ArcelorMittal |
