ArcelorMittal announced results for the three-month and twelve-month periods ended December 31, 2019 with a billion losses. ArcelorMittal noted that the annual losses were mainly due to difficult market conditions.
Last year, the company received $ 2.4 billion in free cash flow. It ended in 2019 with $ 14.3 billion in gross debt and $ 9.3 billion in net debt. Reported net debt was the lowest since the merger. The results included financial results related to the completion of the acquisition of Essar Steel in partnership with Nippon Steel.
ArcelorMittal has expressed its optimism for 2020. There are clear signs of a slowdown in real demand, which is starting to stabilize. Apparent steel consumption in major markets is expected to improve markedly this year.
Commenting on the results, Mr. Lakshmi N. Mittal, Chairman and CEO of ArcelorMittal, noted that 2019 was a very difficult year for the company, primarily due to a difficult market. However, encouraging early signs of improvement are seen in major markets, especially the US, Europe and Brazil. Low inventory levels coupled with market recovery should push prices higher, he added.
ArcelorMittal Reports Huge Q4 Losses Amid Challenging Market
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Azovpromstal® 11 February 2020 г. 09:48 |
