ArcelorMittal Reports Q1 2020 Results

Time:Fri, 08 May 2020 08:12:35 +0800

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World’s leading integrated steel and mining company ArcelorMittal has announced results for the three-month period ended March 31, 2020. ArcelorMittal Chairman and CEO Mr LN Mittal said "The improved operating performance in the first quarter has been considerably overshadowed by the COVID-19 crisis. We moved swiftly to temporary idle furnaces, cutting production across markets and reducing operating and capital costs to match this environment. There are still too many uncertainties to accurately predict what the rest of the year holds. However, it seems likely that over the course of this month countries will start to announce details of their exit strategies. Whilst these are likely to be an easing, not an immediate ending of lockdown, construction and manufacturing are expected to be among the first sectors to be permitted to re-start operations and indeed we are seeing signs of customers re-starting production. The remainder of this year will be challenging, but I am confident that ArcelorMittal has the experience and inherent resilience, to manage through these difficult times.”

(USDm) unless otherwise shown	Q1'20	Q1'19	YoY	Q4'19	QoQ
Sales	14,844	19,188	-22.6%	15,514	-4.3%
Operating (loss) / income	-353	769	-145.9%	-1,535	-77.0%
Net (loss)/income attributable to equity holders of the parent	-1,120	414	-370.5%	-1,882	-40.5%
Basic (loss)/earnings per common share (US$)	-1.11	0.41	-370.7%	-1.86	-40.3%
Operating (loss) / income / tonne (US$/t)	-18	35	-151.4%	-78	-76.9%
EBITDA	967	1,652	-41.5%	925	4.5%
EBITDA/ tonne (US$/t)	50	76	-34.2%	47	6.4%
Steel-only EBITDA/ tonne (US$/t)	34	56	-39.3%	32	6.3%
Crude steel production (Mt)	21.1	24.1	-12.4%	19.8	6.6%
Steel shipments (Mt)	19.5	21.8	-10.6%	19.7	-1.0%
Own iron ore production (Mt)	14.4	14.1	2.1%	14.8	-2.7%
Iron ore shipped at market price (Mt)	8.6	9.2	-6.5%	9.6	-10.4%