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Steel News February 08, 2019 08:30:39 AM

ArcelorMittal Foresees Global Steel Demand Expansion in FY 2019

Paul Ploumis
ScrapMonster Author
The full year FY 2018 operating income surged higher by 20.3% over the previous year to $6.5 billion.
ArcelorMittal Foresees Global Steel Demand Expansion in FY 2019

SEATTLE (Scrap Monster): ArcelorMittal- the world’s leading integrated steel and mining company announced financial results for the final quarter and the year ended December 31, 2018.

The full year FY 2018 operating income surged higher by 20.3% over the previous year to $6.5 billion. The EBITDA too was up by 22.1% at $10.3 billion. ArcelorMittal reported net income of $5.1 billion during the year, which is 12.7% higher when compared to $4.6 billion for FY 2017. Meantime, the yearly crude steel production declined marginally by 0.6% year-on-year to total 92.5Mt. The steel shipments totaled 83.9 Mt, falling marginally by 1.6% over the year. The iron ore shipments were up marginally by 0.7% at 58.3 Mt in FY 2018.

The operating income recorded sharp decline by 15.6% in Q4 2018. The EBITDA too witnessed year-on-year decline by 8.9%.

The company press release stated that completion of acquisitions of Votorantim in Brazil and Ilva in Italy have resulted in signifivcant improvement in the company’s asset portfolio. In addition, the company, in partnership with NSSMC, was selected as the successful bidder for Essar Steel’s Indian steel making assets.

Commenting on its outlook, the company remained hopeful of margional expansion in global steel demand in FY 2019. The improved operational performance could result in increased steel shipments, it noted.

Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO, said that 2018 was a year of positive momentum for the company. The company will continue to focus on specific growth opportunities to complement its existing global presence, he added.