Luxembourg-based ArcelorMittal, the world's largest steelmaker, has announced its financial results for the first half of the current year.
In the first half, ArcelorMittal posted a net loss of $33 million, as compared to a net income in the first half of 2018 of $3.1 billion. The company’s sales revenues in the first half this year decreased by 1.8 percent to $38.5 billion as compared with $39,2 billion for the first half of 2018,due to lower average steel selling prices (-6.1%) offset in part by higher steel shipments (+3.5%). ArcelorMittal registered an EBITDA of $3.2 billion in the given period, down 42.6 percent year on year, reflecting a negative price-cost effect.
ArcelorMittal's crude steel production increased by 2.8 percent to 47.8 million mt in the first half of the current year, while its iron ore production decreased by 1.4 percent year on year to 28.7 million mt.
For 2019, the company expects global steel demand to grow by 0.5-1.5 percent, adding that, against this backdrop and considering scope changes (ArcelorMittal Italia acquisition, remedy asset sales and European production curtailments) steel shipments are still expected to increase year on year.
“Further action needs to be taken to address the increasing level of imports entering the continent due to ineffective safeguard measures and we continue to engage with the European Commission to create a level playing field for the sector,” commented Lakshmi Mittal, ArcelorMittal chairman and CEO.