ArcelorMittal Steel Shipments Plunged 18% in 2020
The company repositioned its North American footprint by completing sales of ArcelorMittal USA to Cleveland-Cliffs.
SEATTLE (Scrap Monster): ArcelorMittal- the Luxembourg-based leading integrated steel and mining company announced results for the quarterly and full-year period ended 31st December, 2020.
The company reported adjusted net income of $0.2 billion in Q4 2020, as against net loss of $0.2 billion in Q3. The Q4 EBITDA of $1.7 billion was almost double from the year-ago levels. The FY 20 operating income stood at $2.1 billion, compared to operating loss of $0.6 billion in FY 19. The company delivered $1.5 billion of free cash flow. ArcelorMittal ended 2020 with a gross debt of $12.3 billion and net debt of $6.4 billion. The steel shipments declined by 18.2% during the previous year.
The company repositioned its North American footprint by completing sales of ArcelorMittal USA to Cleveland-Cliffs. The European footprint was further reinforced by proposed investment in ArcelorMittal Italia by the Italian government. Sticking to its decarbonisation goals, the company delivered its first certified green steel products to its customers during December 2020.
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Mr. Lakshmi N. Mittal, Executive Chairman, ArcelorMittal noted that the company is proud of the resilience and enterprise shown by its employees, which in turn helped it to deliver solid operating performance in times of diversity.
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