ArcelorMittal, the world’s leading steel company, on February 10 announced results for the three- and 12-month periods ended December 31, 2009.
Highlights:
- Health and safety frequency rate improved by 24 percent during 2009
- Shipments of 71.1 million tonnes in 2009 and of 20 million tonnes in Q4 2009, up 10 percent compared to Q3 2009
- EBITDA of $5.8 billion in 2009 and $2.1 billion in Q4 2009, up 34 percent compared to Q3 2009
- Cash flow from operations of $7.3 billion for 2009
- Net debt reduced to $18.8 billion, down $13.7 billion from the start of the global economic crisis
Performance and industrial plan:
- Capacity utilisation increased to 70 percent in Q4 2009
- $2.7 billion of annualized sustainable cost reductions achieved in 2009; on track to achieve $5 billion of management gains by 2012
- Current CAPEX plan of $4 billion for 2010, up 43 percent from 2009, focused on selective growth projects in emerging markets
Guidance for the three months ended March 31, 2010:
- EBITDA expected to be between $1.8 billion and $2.2 billion
Financial highlights (on the basis of IFRS, amounts in US$):
| (USDm) unless otherwise shown | 4Q 09 | 3Q 09 |
4Q 08
2 |
12M 09 | 12M 082 | ||||||
| Sales | $18,642 | $16,170 | $22,089 | $65,110 | $124,936 | ||||||
| EBITDA | 2,131 | 1,589 | 2,808 | 5,824 | 24,478 | ||||||
| Operating Income / (Loss) | 684 | 305 | (3,466) | (1,678) | 12,236 | ||||||
| Net Income / (Loss) | 1,070 | 903 | (2,632) | 118 | 9,399 | ||||||
| Iron Ore Production (Million Mt) | 15.6 | 13.1 | 15.5 | 52.7 | 64.7 | ||||||
| Crude Steel Production (Million Mt) | 22.5 | 19.6 | 14.9 | 73.2 | 103.3 | ||||||
| Steel Shipments (Million Mt) | 20.0 | 18.2 | 17.1 | 71.1 | 101.7 | ||||||
| EBITDA/tonne (US$/t) | 107 | 87 | 165 | 82 | 241 | ||||||
| Operating Income (loss) /tonne (US$/t) | 34 | 17 | (203) | (24) | 120 | ||||||
| Basic Earnings per share (USD) | 0.71 | 0.60 | (1.93) | 0.08 | 6.80 |
Lakshmi N. Mittal, chairman and CEO, ArcelorMittal, said: "In a very difficult environment, ArcelorMittal has succeeded in reducing its cost base substantially and significantly strengthening the balance sheet. We, therefore, start the year in a good position to benefit from the progressive, albeit slow, recovery that is under way. Although 2010 will continue to be challenging, we are now increasing capital expenditure to take advantage of selected growth opportunities as demand improves."
