SEATTLE (Scrap Monster): Luxembourg-based steelmaker ArcelorMittal has published an update regarding the impact of COVID-19.
According to the company, the escalation of virus into more countries, along with regulatory measures announced by various governments, has impacted economic activity and industrial supply chains in all the countries where it operates. The significant decline in industrial activity is likely to badly impact its global business prospects. It must be noted that the company has already announced temporary shutdowns or production cuts at several of its steelmaking and finishing facilities.
ArcelorMittal declared that relief measures announced by various governments will help the company survive through the difficult times. The company’s net debt is currently at record low levels, it noted. Meantime, the company has decided to postpone the Annual General Meeting scheduled for 5th May, 2020. An updated guidance on 2020 cash requirements will be provided along with announcement of Q1 results on May 7, 2020.
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The steelmaker reaffirmed that health and well-being of its employees continues to be its top priority. Further, it stated that all its operating facilities have been ordered to strictly follow recommendations from the World Health Organization (WHO) and respective governments.
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