Luxembourg-based ArcelorMittal has announced that in 2019 it recorded a net loss of $2.45 billion, as compared to a net income of $5.15 billion in 2018. In 2019, the company’s sales revenues declined by 7.1 percent year on year to $70.61 billion, primarily due to lower average steel selling prices, offset in part by higher steel shipments and the higher marketable iron ore selling price, while its EBITDA totaled $5.2 billion, as compared to $10.26 billion recorded in 2018.
Last year, ArcelorMittal’s crude steel production amounted to 89.8 million mt, down 2.9 percent, while its iron ore production totaled 57.1 million mt, decreasing by 2.4 percent, both year on year.
ArcelorMittal expects apparent steel consumption in its core markets to grow in 2020. Regarding the coming period, “Although market conditions remain challenging, there are encouraging early signs of improvement particularly in our core markets of US, Europe and Brazil. With inventory levels having reached a very low level following a period of destocking, we are seeing customers return to the market, supporting an improved pricing environment,” ArcelorMittal CEO Lakshmi Mittal said.
The company also said that the effect of the coronavirus will likely have a short-term negative demand impact in China and to a lesser degree elsewhere.