the Net's largest steel company ArcelorMittal the world in 2019 was reduced by 7.3% to 70,615 billion, while net profit 5,149 billion received in 2018 was changed to a net loss of 2,454 billion USD in 2019.
"2019 was very heavy, which is reflected in our significantly reduced profitability," commented the company's results under IFRS Lakshmi N. Mittal, Chairman and CEO of ArcelorMittal.
due To difficult market situation in 2019 ArcelorMittal generated free cash flow of $ 2.4 billion. Total debt decreased to $ 14.3 billion and net debt of 9.3 billion dollars.
the Company aims to achieve the objective for net debt of $ 7 billion by the end of 2020.
"maintaining a strong balance sheet and our objective of net debt is a clear priority for ArcelorMittal," said Lakshmi N. Mittal.
It is reported that ArcelorMittal continues to strategically invest in research and development, including the processes for the production of low carbon steel and low-carbon products.
the company sees indications that the slowdown of real demand begins to stabilize and apparent steel consumption in our major markets will grow in 2020.
"Although market conditions remain challenging, there are encouraging first signs of improvement, especially in our main markets USA, Europe and Brazil. After the stocks reached very low levels after a period of storage, we see that customers return to the market, supporting improved pricing environment", - concluded the head of ArcelorMittal.
ArcelorMittal Shares rose after the report is published by 10%.
