ArcelorMittal reports third quarter 2020 and nine months 2020 results

ArcelorMittal (referred to as “ArcelorMittal” or “The Company”) (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world's leading metals and mining company, today announced results1 for a three-month period. and nine-month periods ended 30 September 2020

Features:

• Health and Safety: LTIF2 was 0.95x in Q3 2020, up from 0.77x in Q2 2020; 0.92x for 9 months 2020
• Improved operating performance in Q3 2020 reflects a gradual recovery in finished steel markets (particularly automotive) following the severe impact of the COVID-19 quarantine on economic activity in Q2 2020, as well as stronger mining performance
• Operating profit of US $ 0.7 billion in Q3 2020 (including a net impairment reversal of US $ 0.6 billion3) compared to an operating loss of US $ 0.3 billion in Q2 2020 (including 0 US $ 2 billion of exceptional articles3)
• EBITDA of USD 0.9 billion in Q3 2020, up 27.4% from USD 0.7 billion in Q2 2020, primarily reflects: the impact on the steel business of increased shipments by 17.5% and improved sales structure (proportional increase in sales to automotive customers), offset partly due to negative price and cost effects; and the impact of higher market prices for iron ore (+ 26.2%) and shipments of iron ore at market prices (+ 7.5%), contributing to improved mining performance
• A net loss of US $ 0.3 billion in Q3 2020 compared to a net loss of US $ 0.6 billion in Q2 2020; excluding impairment items partly offset by deferred tax expense (each related to the agreed sale of ArcelorMittal USA3), Q3 2020 adjusted net loss of $ 0.2 billion, compared to an adjusted net loss of $ 0.3 billion USD in Q2 2020 (excluding exceptional items)
• Free cash flow of US $ 1.3 billion in Q3 2020 (net cash from operating activities of US $ 1.8 billion minus US $ 0.5 billion in capex) includes a working capital release of 1 , USD 1 billion. Issue of working capital for 9 months of 2020 in the amount of 0.6 billion dollars with a forecast for 2020 in the range of 0.6 to 1.0 billion dollars
• Gross debt of $ 13.7 billion and net debt of $ 7.0 billion as of September 30, 2020; net debt declined by $ 0.9bn during the quarter, mainly driven by positive