Luxembourg-based ArcelorMittal, the world's largest steelmaker, has announced its financial results for the first quarter of the current year.
In the first quarter, ArcelorMittal posted a net profit of $414 million, falling by 65.3 percent year on year. The company’s sales revenues remained stable at $19.23 billion, as the impacts of lower average steel selling prices (-3.1%) were offset by higher steel shipments (+2.2%) and higher seaborne iron ore reference prices (+10.8%). ArcelorMittal registered an EBITDA of $1.65 billion in the given period, down 34.2 percent year on year.
ArcelorMittal's crude steel production decreased by 0.6 percent to 24.1 million mt in the first quarter, while its iron ore production decreased by 3.4 percent year on year to 14.1 million mt.
Given the expectation that operational disruptions that negatively impacted 2018 shipments will not recur, offset in part by the impact of European production reduction, ArcelorMittal’s steel shipments are expected to increase in 2019 compared to 2018.
Market-priced iron ore shipments for 2019 are expected to be broadly stable as compared to the previous year with increases in Liberia and ArcelorMittal Mines Canada (AMMC) to be offset by lower volume in Mexico (in part due to the end of life of Volcan mine).