The world's largest steel company, ArcelorMittal, expects apparent steel demand to recover from + 4.5% to + 5.5% in 2021 compared to 2020. This is stated in her 2020 financial results statement, published on Thursday.
While we must continue to address COVID-19, I expect 2021 to be another year of progress for the company, ”said ArcelorMittal CEO Lakshmi N. Mittal.
The company ended 2020 with $ 12.3 billion in gross debt and $ 6.4 billion in net debt, the lowest level since the merger in 2006, allowing ArcelorMittal to move to a new capital allocation policy with focusing on shareholder profit, the press service noted.
Despite a challenging market environment, which saw steel shipments fall 18.2% in 2020 and a net loss of $ 700 million, the company generated $ 1.5 billion in free cash flow.
ArcelorMittal's operating income for fiscal 2020 was $ 2.1 billion and EBITDA was $ 4.3 billion. At the same time, in the fourth quarter of 2020, EBITDA of ArcelorMittal was $ 1.7 billion, which is almost twice as high as in the fourth quarter of 2019.