|
Highlights:
• Health and safety: LTIF rate2 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 premia11 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 ($0.2bn)
Financial highlights (on the basis of IFRS 1):
|
(USDm) unless otherwise shown |
3Q 19 |
2Q 19 |
3Q 18 |
9M 19 |
9M 18 |
|
Sales |
16,634 |
19,279 |
18,522 |
55,101 |
57,706 |
|
Operating income |
297 |
-158 |
1,567 |
908 |
5,497 |
|
Net income attributable to equity holders of the parent |
-539 |
-447 |
899 |
-572 |
3,956 |
|
Basic earnings per share (US$) |
-0.53 |
-0.44 |
0.89 |
-0.56 |
3.89 |
|
Operating income/ 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.”
Source from
ArcelorMittal |
