ArcelorMittal reports third quarter 2018 and nine months 2018
results
Luxembourg, November 1, 2018 - ArcelorMittal
(referred to as “ArcelorMittal” or the “Company”) (MT (New York,
Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading
integrated steel and mining company, today announced results1 for
the three-month and nine-month periods ended September 30,
2018.
Highlights:
- Health and safety: LTIF rate of 0.62x in 3Q 2018 as compared to
0.71x in 2Q 2018 and 0.67x in 3Q 2017
- Operating income in 3Q 2018 decreased to $1.6 billion (which
includes $0.5 billion impairment primarily related to the Ilva
remedy assets sale) as compared to $2.4 billion in 2Q 2018, 26.9%
higher YoY
- EBITDA of $2.7 billion in 3Q 2018, 11.2% lower as compared to
$3.1 billion in 2Q 2018, primarily reflecting lower steel shipments
(-5.5%) and the negative impact from hyperinflation accounting in
Argentina ($0.1 billion); 3Q 2018 EBITDA up 41.8% YoY
- Net income of $0.9 billion in 3Q 2018 as compared to $1.9
billion in 2Q 2018 and $1.2 billion in 3Q 2017
- Crude steel production of 23.3Mt in 3Q 2018, up 0.5% vs. 2Q
2018 and down 1.4% vs. 3Q 2017
- Steel shipments of 20.5Mt in 3Q 2018, down 5.5% vs. 2Q 2018 and
down 5.4% vs. 3Q 2017
- 3Q 2018 iron ore shipments of 14.2Mt (-5.6% YoY), of which
8.5Mt shipped at market prices (-6.1% YoY)
- Gross debt of $13.0 billion as of September 30, 2018. Net debt
as of September 30, 2018 stable at $10.5 billion as compared to
June 30, 2018 despite further working capital investment of $1.7
billion; net debt is $1.5 billion lower when compared to net debt
as of September 30, 2017
Financial highlights (on the basis of
IFRS1):
(USDm) unless otherwise shown |
3Q 18 |
2Q 18 |
3Q 17 |
9M 18 |
9M 17 |
Sales |
18,522 |
|
19,998 |
|
17,639 |
|
57,706 |
|
50,969 |
|
Operating income |
1,567 |
|
2,361 |
|
1,234 |
|
5,497 |
|
4,200 |
|
Net income attributable to equity holders of the parent |
899 |
|
1,865 |
|
1,205 |
|
3,956 |
|
3,529 |
|
Basic earnings per share (US$)2 |
0.89 |
1.84 |
|
1.18 |
|
3.89 |
3.46 |
|
|
|
|
|
|
|
Operating income/ tonne (US$/t) |
76 |
|
109 |
|
57 |
|
86 |
|
65 |
|
EBITDA |
2,729 |
|
3,073 |
|
1,924 |
|
8,314 |
|
6,267 |
|
EBITDA/ tonne (US$/t) |
133 |
|
141 |
|
89 |
|
131 |
|
98 |
|
Steel-only EBITDA/ tonne (US$/t) |
119 |
|
127 |
|
73 |
|
116 |
|
80 |
|
|
|
|
|
|
|
Crude steel production (Mt) |
23.3 |
|
23.2 |
|
23.6 |
|
69.8 |
|
70.4 |
|
Steel shipments (Mt) |
20.5 |
|
21.8 |
|
21.7 |
|
63.6 |
|
64.2 |
|
Own iron ore production (Mt) |
14.5 |
|
14.5 |
|
14.2 |
|
43.5 |
|
42.9 |
|
Iron ore shipped at market price (Mt) |
8.5 |
|
10.0 |
|
9.1 |
|
27.7 |
|
27.2 |
|
Commenting, Mr. Lakshmi N. Mittal,
ArcelorMittal Chairman and CEO, said:
“As anticipated market conditions in the third quarter remained
favourable, resulting in significantly improved EBITDA for the
first nine months compared with 2017. We continue to see
robust real demand and healthy utilization rates across all steel
segments.
“We continue to make good progress with the implementation of
our Action 2020 plan, which will improve the performance of our
existing business and targets further growth in higher added value
products. We are also expanding our business through the
execution of a targeted and disciplined strategy to create
long-term value. Within 6 months of taking ownership of Votorantim
we have captured a significant amount of synergies, and have
strengthened our long steel business in Brazil. We are
confident we will be similarly successful in integrating and
delivering rapid improvement at Ilva, Europe’s single largest
integrated steel-making facility, which completed today. And in
India, we have recently been named the successful bidder for Essar
Steel which provides a unique opportunity to establish a meaningful
production presence in the world’s fastest growing
steel-market.
“The progress the industry and our Company has made is
significant but we remain cognizant of the challenges, including
continued global overcapacity, and we remain concerned with the
high level of imports in various markets. We continue to
prioritize net debt reduction and a strong balance sheet to ensure
we can prosper in all market conditions.”
Sustainable development and safety
performance
Health and safety - Own personnel and
contractors lost time injury frequency rate
Health and safety performance, based on own personnel figures
and contractors lost time injury frequency (LTIF) rate was 0.62x in
the third quarter of 2018 (“3Q 2018”) as compared to 0.71x for the
second quarter of 2018 (“2Q 2018”) and 0.67x for the third quarter
of 2017 (“3Q 2017”).
Health and safety performance improved to 0.66x in the first
nine months of 2018 (“9M 2018”) as compared to 0.74x for the first
nine months of 2017 (“9M 2017”).
The Company’s efforts to improve its Health and Safety record
remain focused on both further reducing the rate of severe injuries
and preventing fatalities.
Own personnel and contractors -
Frequency rate
Lost time injury frequency rate |
3Q 18 |
2Q 18 |
3Q 17 |
9M 18 |
9M 17 |
Mining |
0.63 |
0.62 |
1.05 |
0.59 |
0.75 |
NAFTA |
0.56 |
0.64 |
0.57 |
0.56 |
0.69 |
Brazil |
0.39 |
0.35 |
0.45 |
0.39 |
0.42 |
Europe |
0.76 |
1.02 |
0.79 |
0.88 |
1.05 |
ACIS |
0.61 |
0.52 |
0.42 |
0.63 |
0.49 |
Total Steel |
0.62 |
0.72 |
0.60 |
0.68 |
0.74 |
Total (Steel and Mining) |
0.62 |
0.71 |
0.67 |
0.66 |
0.74 |
Key sustainable development highlights
for 3Q 2018:
- Our safety video, titled "We choose the safest way", won a
gold medal at The Cannes Corporate Media & TV Awards in France
in September 2018. The innovative film had been made to mark
ArcelorMittal’s annual Health and Safety Day in April this year.
https://corporate.arcelormittal.com/news-and-media/multimedia-gallery/video-gallery#we-choose-the-safest-way
- ArcelorMittal won two Steelie Awards at the Annual Dinner of
the World Steel Association (worldsteel) on October 16, 2018.
- ArcelorMittal Brazil, won the Steelie Award in the ‘Excellence
in Sustainability’ category for its water master
plan which reduced the Company's water intake by more than
6,000,000 m3 /year, despite a 17% increase in production.
- The Company also won the Steelie in the ‘Excellence in Life
Cycle Assessment’ category for its Steligence® concept.
Steligence® goes beyond relying on steel’s excellent recycling
credentials and low embedded carbon content to earn a construction
project its sustainability designation. It offers developers,
architects, engineers and contractors a whole new way of thinking
about construction – life cycle assessment – to enable them to
build a truly circular economy.
- The inaugural ResponsibleSteelTM Forum, held in Berlin on
October 15, 2018, attracted over 80 delegates. Leading businesses
from steel, mining, automotive and other sectors met with social,
environmental, and policy organisations to debate key issues
relating to the responsible sourcing and production of steel. As a
founding member of ResponsibleSteelTM, ArcelorMittal is proud to be
taking the lead in developing the world’s first multi-stakeholder
sustainability certification program for the global steel
sector.
Analysis of results for the nine months
ended September 30, 2018 versus results for the nine months ended
September 30, 2017
Total steel shipments for 9M 2018 were 63.6 million metric
tonnes representing a decrease of 1.0% as compared to 9M 2017,
primarily due to lower steel shipments in ACIS (-7.8%) offset in
part by improvement in Brazil (+8.0%), NAFTA (+1.1%) and Europe
(+0.4%).
Sales for 9M 2018 increased by 13.2% to $57.7 billion as
compared with $51.0 billion for 9M 2017, primarily due to higher
average steel selling prices (+15.3%) offset in part by lower steel
shipments (-1.0%).
Depreciation of $2.1 billion for 9M 2018 was higher as compared
with $2.0 billion in 9M 2017. FY 2018 depreciation is expected to
be approximately $2.9 billion (based on current exchange
rates).
Impairment charges for 9M 2018 were $595 million primarily
related to the remedy asset sales for the Ilva acquisition and $86
million related to the agreed remedy package required for the
approval of the Votorantim acquisition3. Impairment charges for 9M
2017 were $46 million in South Africa.
Exceptional charges for 9M 2018 were $146 million related to a
provision taken in 1Q 2018 in respect of a litigation case that was
settled in 3Q 20184. Exceptional charges for 9M 2017 were nil.
Operating income for 9M 2018 was higher at $5.5 billion as
compared to $4.2 billion in 9M 2017 driven by improved operating
conditions. Operating results for 9M 2018 and 9M 2017 were impacted
by impairment and exceptional charges as discussed above.
Income from associates, joint ventures and other investments for
9M 2018 was $425 million as compared to $323 million for 9M 2017.
Income from associates, joint ventures and other investments in 9M
2018 increased primarily on account of improved performance of a
Chinese investee and higher annual dividend income from Erdemir of
$87 million as compared to $45 million in 9M 2017. 9M 2018 includes
$132 million impairment of ArcelorMittal’s investment in Macsteel
(South Africa) following the announced sale of its 50% stake in May
2018. Upon closing of the transaction, the charge is expected to be
offset by currency translation gains. 9M 2017 includes a gain from
disposal of ArcelorMittal USA’s 21% stake in the Empire Iron Mining
Partnership5 ($133 million), offset in part by a loss on dilution
of the Company’s stake in China Oriental6 and the recycling of
cumulative foreign exchange translation losses incurred in
connection with the disposal of the 50% stake in Kalagadi7 ($187
million).
Net interest expense was lower at $475 million for 9M 2018, as
compared to $635 million for 9M 2017, driven by debt repayment and
lower cost of debt. The Company expects full year 2018 net interest
expense of approximately $0.6 billion reflecting the benefits of
liability management exercises completed in 2017 and 2018.
Foreign exchange and other net financing losses were $1.0
billion for 9M 2018 as compared to gains of $0.2 billion for 9M
2017. Foreign exchange losses for 9M 2018 were $227 million
primarily related to the effect of the depreciation of the U.S.
dollar in 1Q 2018 against the euro on the Company's euro
denominated debt8 as compared to foreign exchange gains of $463
million in 9M 2017, primarily related to the effect of the
depreciation of the U.S. dollar against the euro on the Company's
euro denominated deferred tax assets and euro denominated debt. 9M
2018 includes non-cash mark-to-market losses related to mandatory
convertible bond call option totalling $0.1 billion as compared to
gains of $0.6 billion in 9M 2017. 9M 2018 includes $0.1 billion
premium expense on the early redemption of bonds as compared to
$0.4 billion in 9M 2017.
ArcelorMittal recorded an income tax expense of $362 million for
9M 2018 as compared to $551 million for 9M 2017. The current tax
expense of $730 million for 9M 2018 as compared to $449 million for
9M 2017 is primarily driven by the higher results in a number of
countries. The deferred tax benefit of $368 million in 9M 2018 as
compared with a deferred tax expense of $102 million for 9M 2017 is
the result of recording in 9M 2018 a deferred tax asset primarily
due to the expectation of higher future profits mainly in
Luxembourg, following the share capital conversion.
ArcelorMittal’s net income for 9M 2018 was $4.0 billion, or
$3.89 basic earnings per share, as compared to a net income in 9M
2017 of $3.5 billion, or $3.46 basic earnings per share.
Analysis of results for 3Q 2018 versus
2Q 2018 and 3Q 2017
Total steel shipments in 3Q 2018 were 5.5% lower at 20.5Mt as
compared with 21.8Mt for 2Q 2018 primarily due to lower steel
shipments in Europe (-7.7%), NAFTA (-5.0%) and ACIS (-2.3%) offset
in part by an improvement in Brazil (+9.4%).
Total steel shipments in 3Q 2018 were 5.4% lower as compared
with 21.7Mt for 3Q 2017 primarily due to 11.2% lower steel
shipments in ACIS (primarily in Ukraine and Kazakhstan), Europe
(down -4.0% mainly due to operational issues in France and slower
ramp up following blast furnace reline in Poland) and NAFTA
(-2.5%), offset in part by higher shipments in Brazil (+5.4%).
Sales in 3Q 2018 were $18.5 billion as compared to $20.0 billion
for 2Q 2018 and $17.6 billion for 3Q 2017. Sales in 3Q 2018 were
7.4% lower as compared to 2Q 2018 primarily due to lower steel
shipments (-5.5%), lower average steel selling prices (-0.7%) and
lower market-priced iron ore shipments (-14.4%). Sales in 3Q 2018
were 5.0% higher as compared to 3Q 2017 primarily due to higher
average steel selling prices (+12.8%) offset by lower steel
shipments (-5.4%), lower market-priced iron ore shipments (-6.1%)
and lower seaborne iron ore reference prices (-6.2%).
Depreciation for 3Q 2018 was lower at $653 million as compared
to $712 million for 2Q 2018 and $690 million in 3Q 2017 primarily
due to the appreciation of the US dollar against the Euro and the
reduction of depreciation due to the reclassification of Ilva
remedies recorded as assets held for sale beginning May 2018.
Impairment charges for 3Q 2018 were $509 million primarily
related to remedy asset sales for the Ilva acquisition. Impairment
charges for 2Q 2018 and 3Q 2017 were nil.
Operating income for 3Q 2018 was $1.6 billion as compared to
$2.4 billion in 2Q 2018 and $1.2 billion in 3Q 2017. Operating
results for 3Q 2018 were impacted by impairment charges as
discussed above.
Income from associates, joint ventures and other investments for
3Q 2018 was $183 million as compared to $30 million for 2Q 2018. 2Q
2018 was negatively impacted by a $132 million impairment of
ArcelorMittal’s investment in Macsteel (South Africa) following the
announced sale of its 50% stake in May 2018. Upon closing of the
transaction, the charge is expected to be offset by currency
translation gains. Income from associates, joint ventures and other
investments for 3Q 2017 of $117 million includes the recycling of
the cumulative foreign exchange translation losses in connection
with the disposal of the 50% stake in Kalagadi ($187 million)
offset by a gain on disposal of ArcelorMittal USA’s 21% stake in
the Empire Iron Mining Partnership ($133 million).
Net interest expense in 3Q 2018 was $152 million as compared to
$159 million in 2Q 2018 and $205 million in 3Q 2017. Net interest
expense was lower in 3Q 2018 as compared to 3Q 2017, primarily due
to debt repayments and lower cost of debt.
Foreign exchange and other net financing losses in 3Q 2018 were
$475 million as compared to losses of $390 million for 2Q 2018 and
gains of $132 million in 3Q 2017. Foreign exchange gain for 3Q 2018
was $9 million as compared to a loss of $309 million in 2Q 2018 and
a gain of $181 million in 3Q 20178. 3Q 2018 includes non-cash
mark-to-market losses of $114 million related to the mandatory
convertible bonds call option as compared to gains of $91 million
in 2Q 2018 and $327 million in 3Q 2017. 3Q 2018 and 3Q 2017 also
include premium expenses on the early redemption of bonds of $0.1
billion and $0.2 billion, respectively.
ArcelorMittal recorded an income tax expense of $178 million for
3Q 2018 as compared to an income tax benefit of $19 million for 2Q
2018 and an income tax expense of $71 million in 3Q 2017. The tax
benefit of 2Q 2018 is the result of recording a deferred tax asset
primarily due to expectation of higher future profits mainly in
Luxembourg, following the share capital conversion.ArcelorMittal
recorded a net income for 3Q 2018 of $899 million, or $0.89 basic
earnings per share, as compared to a net income for 2Q 2018 of $1.9
billion, or $1.84 basic earnings per share, and a net income for 3Q
2017 of $1.2 billion, or $1.18 basic earnings per share.
Analysis of segment operations
NAFTA
(USDm) unless otherwise shown |
3Q 18 |
2Q 18 |
3Q 17 |
9M 18 |
9M 17 |
Sales |
5,367 |
|
5,356 |
|
4,636 |
|
15,475 |
|
13,701 |
|
Operating income |
612 |
|
660 |
|
256 |
|
1,580 |
|
1,030 |
|
Depreciation |
(132 |
) |
(131 |
) |
(125 |
) |
(395 |
) |
(381 |
) |
EBITDA |
744 |
|
791 |
|
381 |
|
1,975 |
|
1,411 |
|
Crude steel production (kt) |
5,723 |
|
5,946 |
|
5,904 |
|
17,533 |
|
17,882 |
|
Steel shipments (kt) |
5,512 |
|
5,803 |
|
5,655 |
|
16,874 |
|
16,684 |
|
Average steel selling price (US$/t) |
896 |
|
853 |
|
741 |
|
843 |
|
740 |
|
NAFTA segment crude steel production decreased by 3.8% to 5.7Mt
in 3Q 2018 as compared to 5.9Mt in 2Q 2018.
Steel shipments in 3Q 2018 decreased by 5.0% to 5.5Mt as
compared to 5.8Mt in 2Q 2018. Shipments were lower primarily due to
weak market conditions in the US.
Sales in 3Q 2018 were stable at $5.4 billion as compared to 2Q
2018, primarily due to higher average steel selling prices +5.0%
(for flat products +4.3% and long products +5.2%) offset by lower
steel shipment volumes as discussed above.
Operating income in 3Q 2018 of $612 million was lower as
compared to $660 million in 2Q 2018 and higher as compared to $256
million in 3Q 2017.
EBITDA in 3Q 2018 decreased by 6.0% to $744 million as compared
to $791 million in 2Q 2018 primarily due to lower steel shipment
volumes offset in part by a positive price-cost effect. EBITDA in
3Q 2018 increased by 95.2% as compared to $381 million in 3Q 2017
primarily due to a significant positive price-cost impact.
Brazil
(USDm) unless otherwise shown |
3Q 18 |
2Q 18 |
3Q 17 |
9M 18 |
9M 17 |
Sales |
2,103 |
|
2,191 |
|
2,059 |
|
6,282 |
|
5,503 |
|
Operating income |
374 |
|
369 |
|
128 |
|
958 |
|
431 |
|
Depreciation |
(71 |
) |
(74 |
) |
(74 |
) |
(214 |
) |
(218 |
) |
Impairment |
— |
|
— |
|
— |
|
(86 |
) |
— |
|
EBITDA |
445 |
|
443 |
|
202 |
|
1,258 |
|
649 |
|
Crude steel production (kt) |
3,158 |
|
3,114 |
|
2,797 |
|
9,073 |
|
8,221 |
|
Steel shipments (kt) |
3,097 |
|
2,831 |
|
2,940 |
|
8,411 |
|
7,788 |
|
Average steel selling price (US$/t) |
714 |
|
728 |
|
651 |
|
730 |
|
660 |
|
Brazil segment crude steel production increased by 1.4% to 3.2Mt
in 3Q 2018 as compared to 3.1Mt in 2Q 2018.
Steel shipments in 3Q 2018 increased by 9.4% to 3.1Mt as
compared to 2.8Mt in 2Q 2018, driven by improved domestic demand
and higher export volumes in both flat and long products. 2Q 2018
steel shipments were adversely impacted by a nationwide truck
strike (0.1Mt).
Sales in 3Q 2018 decreased by 4.0% to $2.1 billion as compared
to $2.2 billion in 2Q 2018, due to lower average steel selling
prices (-2.0%) and negative impact from hyperinflation accounting
in Argentina, offset in part by higher steel shipments (+9.4%).
Operating income in 3Q 2018 was slightly higher at $374 million
as compared to $369 million in 2Q 2018 and higher than $128 million
in 3Q 2017.
EBITDA in 3Q 2018 was stable at $445 million as compared to $443
million in 2Q 2018 with the benefit of higher shipment volumes
offset by the impact of hyperinflation accounting in Argentina
($0.1 billion) and forex headwinds. EBITDA in 3Q 2018 was 120.2%
higher as compared to $202 million in 3Q 2017 primarily due to a
positive price-cost effect driven by improved market demand.
Europe
(USDm) unless otherwise shown |
3Q 18 |
2Q 18 |
3Q 17 |
9M 18 |
9M 17 |
Sales |
9,559 |
|
10,527 |
|
9,196 |
|
30,727 |
|
26,598 |
|
Operating income |
100 |
|
853 |
|
546 |
|
1,533 |
|
1,834 |
|
Depreciation |
(262 |
) |
(292 |
) |
(302 |
) |
(872 |
) |
(865 |
) |
Impairment |
(509 |
) |
— |
|
— |
|
(509 |
) |
— |
|
Exceptional charges |
— |
|
— |
|
— |
|
(146 |
) |
— |
|
EBITDA |
871 |
|
1,145 |
|
848 |
|
3,060 |
|
2,699 |
|
Crude steel production (kt) |
10,841 |
|
11,026 |
|
11,248 |
|
33,113 |
|
33,457 |
|
Steel shipments (kt) |
9,709 |
|
10,516 |
|
10,116 |
|
30,922 |
|
30,790 |
|
Average steel selling price (US$/t) |
776 |
|
800 |
|
723 |
|
793 |
|
690 |
|
Europe segment crude steel production decreased by 1.7% to
10.8Mt in 3Q 2018 as compared to 11.0Mt in 2Q 2018 primarily
impacted by a power outage in ArcelorMittal Méditerranée
(Fos-sur-Mer, France), and a slower ramp up following a blast
furnace repair in Poland.
Steel shipments in 3Q 2018 decreased by 7.7% to 9.7Mt as
compared to 10.5Mt in 2Q 2018, primarily on account of a seasonal
slowdown and operational disruptions mentioned above.
Sales in 3Q 2018 were $9.6 billion, 9.2% lower as compared to
$10.5 billion in 2Q 2018, with lower steel shipments, as discussed
above, and 3.0% lower average steel selling prices (broadly stable
in local euro currency).
Operating income in 3Q 2018 was lower at $100 million as
compared to $853 million in 2Q 2018 and $546 million in 3Q 2017.
Operating income in 3Q 2018 was impacted by a $509 million
impairment expense primarily related to remedy asset sales for Ilva
acquisition.
EBITDA in 3Q 2018 decreased by 23.9% to $871 million as compared
to $1,145 million in 2Q 2018 primarily due to lower steel shipment
volumes and foreign exchange translation impact. EBITDA in 3Q 2018
improved by 2.7% as compared to 3Q 2017 primarily due to positive
price-cost effect offset in part by lower steel shipments
(-4.0%).
ACIS
(USDm) unless otherwise shown |
3Q 18 |
2Q 18 |
3Q 17 |
9M 18 |
9M 17 |
Sales |
1,989 |
|
2,129 |
|
1,941 |
|
6,198 |
|
5,582 |
|
Operating income |
371 |
|
312 |
|
159 |
|
973 |
|
326 |
|
Depreciation |
(76 |
) |
(85 |
) |
(80 |
) |
(234 |
) |
(232 |
) |
Impairment |
— |
|
— |
|
— |
|
— |
|
(46 |
) |
EBITDA |
447 |
|
397 |
|
239 |
|
1,207 |
|
604 |
|
Crude steel production (kt) |
3,560 |
|
3,087 |
|
3,669 |
|
10,047 |
|
10,846 |
|
Steel shipments (kt) |
2,986 |
|
3,057 |
|
3,362 |
|
9,072 |
|
9,840 |
|
Average steel selling price (US$/t) |
597 |
|
621 |
|
515 |
|
609 |
|
505 |
|
ACIS segment crude steel production in 3Q 2018 increased by
15.3% to 3.6Mt as compared to 3.1Mt in 2Q 2018 primarily due to
recovery in Ukraine following operational issues impacting 2Q 2018
production.
Steel shipments in 3Q 2018 decreased by 2.3% to 3.0Mt as
compared to 3.1Mt in 2Q 2018, primarily due to lower steel
shipments in Kazakhstan and South Africa.
Sales in 3Q 2018 decreased by 6.6% to $2.0 billion as compared
to $2.1 billion in 2Q 2018 primarily due to lower average steel
selling prices (down 4.0% primarily impacted by the devaluation of
the South African rand) and lower steel shipments (-2.3%).
Operating income in 3Q 2018 was higher at $371 million as
compared to $312 million in 2Q 2018 and $159 million in 3Q
2017.
EBITDA in 3Q 2018 increased by 12.8% to $447 million as compared
to $397 million in 2Q 2018 primarily due to a positive price-cost
effect. EBITDA in 3Q 2018 was significantly higher as compared to
$239 million in 3Q 2017, primarily due to a positive price-cost
effect offset in part by lower steel shipments (-11.2%).
Mining
(USDm) unless otherwise shown |
3Q 18 |
2Q 18 |
3Q 17 |
9M 18 |
9M 17 |
Sales |
1,008 |
|
1,065 |
|
1,029 |
|
3,097 |
|
3,074 |
|
Operating income |
179 |
|
198 |
|
238 |
|
619 |
|
832 |
|
Depreciation |
(102 |
) |
(107 |
) |
(103 |
) |
(316 |
) |
(308 |
) |
EBITDA |
281 |
|
305 |
|
341 |
|
935 |
|
1,140 |
|
|
|
|
|
|
|
Own iron ore production (a) (Mt) |
14.5 |
|
14.5 |
|
14.2 |
|
43.5 |
|
42.9 |
|
Iron ore shipped externally and internally at market price (b)
(Mt) |
8.5 |
|
10.0 |
|
9.1 |
|
27.7 |
|
27.2 |
|
Iron ore shipment - cost plus basis (Mt) |
5.6 |
|
4.6 |
|
5.9 |
|
14.9 |
|
16.4 |
|
Own coal production (a) (Mt) |
1.5 |
|
1.6 |
|
1.5 |
|
4.6 |
|
4.8 |
|
Coal shipped externally and internally at market price (b)
(Mt) |
0.7 |
|
0.7 |
|
0.6 |
|
1.8 |
|
2.2 |
|
Coal shipment - cost plus basis (Mt) |
0.9 |
|
0.9 |
|
0.9 |
|
2.7 |
|
2.7 |
|
(a) Own iron ore and coal production not including strategic
long-term contracts.(b) Iron ore and coal shipments of
market-priced based materials include the Company’s own mines and
share of production at other mines, and exclude supplies under
strategic long-term contracts.
Own iron ore production in 3Q 2018 was stable at 14.5Mt as
compared to 2Q 2018, due to lower volumes in Liberia on account of
heavy rains offset by higher production at Ukraine. Own iron ore
production in 3Q 2018 increased by 1.6% as compared to 3Q 2017
primarily due to higher production in Liberia and Ukraine offset in
part by lower production in Kazakhstan and Mexico. Own iron ore
production for 9M 2018 increased by 1.4% primarily due to Liberia
(which remains on track to produce approximately 5Mt in 2018),
offset in part by lower production in AMMC9 (lower yield from a new
mix of ore bodies following pit wall instability issue which first
occurred in 4Q 2017).
Market-priced iron ore shipments in 3Q 2018 decreased by 14.4%
to 8.5Mt as compared to 10.0Mt in 2Q 2018, primarily driven by
lower market-priced iron ore shipments in Ukraine primarily due to
logistical constraints, AMMC (lower available inventory following
the pit wall instability issue that first occurred in 4Q 2017) and
Liberia (additional handling/logistic constraints for the new
Gangra product during the wet season). Due to these revised
expectations at Liberia and AMMC, market-priced iron ore shipments
are now expected to grow by approximately 5% in 2018 as compared to
2017 (down from the previous guidance of 10% year-on-year growth).
Market-priced iron ore shipments in 3Q 2018 decreased by 6.1% as
compared to 3Q 2017 driven by lower shipments in AMMC, Brazil and
Mexico offset in part by higher shipments in Liberia and
Ukraine.
Own coal production in 3Q 2018 decreased by 6.2% to 1.5Mt as
compared to 2Q 2018 primarily due to lower Princeton (US) mines
production. Own coal production in 3Q 2018 decreased by 0.7% as
compared to 3Q 2017 primarily due to lower production at Princeton
offset in part by higher production at Kazakhstan.
Market-priced coal shipments in 3Q 2018 were stable at 0.7Mt as
compared to 2Q 2018. Market-priced coal shipments in 3Q 2018
increased by 13.4% as compared to 3Q 2017 primarily due to
increased shipments at Kazakhstan.
Operating income in 3Q 2018 decreased to $179 million as
compared to $198 million in 2Q 2018 and $238 million in 3Q
2017.
EBITDA in 3Q 2018 decreased by 8.1% to $281 million as compared
to $305 million in 2Q 2018, primarily due to the impact of lower
market-priced iron ore shipments. EBITDA in 3Q 2018 was lower as
compared to $341 million in 3Q 2017, primarily due to the combined
effects of lower market-priced iron ore shipments and lower
seaborne iron ore reference prices (-6.2%) offset in part by higher
market-priced coal shipments (+13.4%).
Liquidity and Capital Resources
For 3Q 2018, net cash provided by operating activities was $634
million as compared to $1,232 million in 2Q 2018 and $763 million
in 3Q 2017. The lower net cash provided by operating activities
during 3Q 2018 reflects lower earnings and includes working capital
investment of $1,713 million (largely reflecting a seasonal
inventory build in Europe and a replenishment of inventory in
Ukraine following production losses incurring in the first half of
2018), as compared to a working capital investment of $1,232
million in 2Q 2018. The 9M 2018 working capital investment of $4.8
billion compared to a working capital investment of $3.5 billion in
9M 2017 also largely reflects the price effect of improved market
conditions experienced during the first nine months of the
year.
Net cash used in investing activities during 3Q 2018 was $601
million as compared to $556 million during 2Q 2018 and $563 million
in 3Q 2017. Capital expenditures increased to $781 million in 3Q
2018 as compared to $616 million in 2Q 2018 and higher as compared
to $637 million in 3Q 2017. FY 2018 capital expenditure is expected
to be $3.7 billion. Cash provided by other investing activities in
3Q 2018 of $180 million primarily includes cash received from
Enerfos JV and the second installment of disposal proceeds from
ArcelorMittal USA’s 21% stake in the Empire Iron Mining Partnership
($44 million). Cash provided by other investing activities in 2Q
2018 of $60 million primarily relates to the release of restricted
cash related to the Mandatory Convertible Bond due to contractual
renegotiation. Investing activities in 3Q 2017 primarily included
the first installment of disposal proceeds from ArcelorMittal USA’s
21% stake in the Empire Iron Mining Partnership ($44 million).
Net cash used by financing activities in 3Q 2018 was $597
million as compared to net cash provided by financing activities of
$352 million and $514 million in 2Q 2018 and 3Q 2017, respectively.
In 3Q 2018, $543 million primarily include payments relating to
bond repurchases pursuant to cash tender offers ($0.6 billion).
In 2Q 2018, $474 million primarily includes the proceeds from
a $1 billion short-term loan facility entered into on May 14, 2018
offset by repayment of a €400 million ($491 million) bond at
maturity on April 9, 2018. In 3Q 2017, $587 million primarily
included borrowings and commercial paper, offset in part by a $0.5
billion repayment of drawings under the asset-based revolving
credit facility at ArcelorMittal USA.
During 3Q 2018, the Company paid dividends of $37 million to
minority shareholders in ArcelorMittal Mines Canada. During 2Q
2018, the Company paid dividends of $101 million to ArcelorMittal
shareholders. During 3Q 2017, the Company paid dividends of $80
million primarily to minority shareholders in ArcelorMittal Mines
Canada and in Bekaert (Brazil).
As of September 30, 2018, the Company’s cash and cash
equivalents amounted to $2.5 billion as compared to $3.1 billion at
June 30, 2018 and $2.8 billion at December 31, 2017.
Gross debt decreased to $13.0 billion as of September 30, 2018,
as compared to $13.6 billion at June 30, 2018 and increased as
compared to $12.9 billion in December 31, 2017.
As of September 30, 2018, net debt remained stable at $10.5
billion as compared to June 30, 2018 despite the $1.7 billion
investment in working capital. Net debt as of December 31, 2017 was
$10.1 billion. Net debt as of September 30, 2018 was $1.5 billion
lower as compared to $12.0 billion as of September 30, 2017.
As of September 30, 2018, the Company had liquidity of $8.0
billion, consisting of cash and cash equivalents of $2.5 billion
and $5.5 billion of available credit lines10. The $5.5 billion
credit facility contains a financial covenant not to exceed 4.25x
Net debt / EBITDA (as defined in the facility). As of September 30,
2018, the average debt maturity was 3.9 years.
Key recent developments
- Further to ArcelorMittal being named the H1 Resolution
Applicant (the preferred bidder) on October 19, 2018, Essar Steel
India Limited’s (‘ESIL’) Committee of Creditors (‘CoC’) announced
on October 26, 2018, that it had approved the Company’s Resolution
Plan for ESIL by issuing the Company with a Letter of Intent
(‘LOI’) stating that the Company had been identified as the
Successful Applicant. The Resolution Plan includes an upfront
payment of 42,000 crore Indian rupees (c. $5.7 billion)12 towards
ESIL’s resolution debt, with a further 8,000 crore Indian rupees
(c. $1.1 billion)12 of capital injection into ESIL to finance capex
in support of operational improvement, increased production levels
and deliver enhanced levels of profitability. The Company's
Resolution Plan details are as follows:
- The Company’s intention is to increase ESIL’s finished steel
shipments to 8.5 million tonnes over the medium-term. This will be
achieved by initially completing ongoing capital expenditure
projects and infusing expertise and best practice to deliver
efficiency gains, and then through the commissioning of additional
assets, while simultaneously improving product quality and grades
to realise better margins;
- A long-term aspiration is to increase finished steel shipments
to between 12 and 15 million tonnes through the addition of new
iron and steelmaking assets, in order that ESIL can play an active
role and fully benefit from the anticipated growth in the Indian
steel industry.
ESIL is an integrated flat steel producer, and
the largest steel company in western India. Its current level of
annualised crude steel production is c. 6.5 million tonnes. ESIL
also has iron ore pellet facilities in the east of India, with
current annual capacity of 14 million tonnes per annum.
In-line with ESIL’s corporate insolvency
process, the Company’s Resolution Plan must now be formally
accepted by India’s National Company Law Tribunal (‘NCLT’) before
completion, which is expected before the end of 2018.
After completion, ArcelorMittal will jointly own
and operate ESIL in partnership with Nippon Steel & Sumitomo
Metal Corporation (‘NSSMC’), Japan’s largest steel producer and the
third largest steel producer in the world, in-line with the joint
venture formation agreement signed with NSSMC on 2 March 2018.
ArcelorMittal and NSSMC expect to finance the joint venture through
a combination of partnership equity (one-third) and debt
(two-thirds), and ArcelorMittal anticipates that its investment in
the joint venture will be equity accounted.
- On October 17, 2018, the Company announced that it had approved
a payment of 7,469 crore rupees (c. $1 billion, subsequently paid)
to the financial creditors of Uttam Galva and KSS Petron to clear
overdue debts in order that the offer it submitted for ESIL on
April 2, 2018 would be eligible and considered by ESIL’s CoC.
- On October 12, 2018, ArcelorMittal announced that it had
received a binding offer from Liberty House Group for the
acquisition of ArcelorMittal Ostrava (Czech Republic),
ArcelorMittal Galati (Romania), ArcelorMittal Skopje (Macedonia)
and ArcelorMittal Piombino (Italy). The four assets are part of a
divestment package the Company agreed with the European Commission
(‘EC’) during its merger control investigation into the Company’s
acquisition of Ilva S.p.A (‘Ilva’). Transaction closing is subject
to the completion of the Company’s acquisition of Ilva (now
completed), and conditional on EC approval and the conclusion of
consultations with local and European Works Councils.
Negotiations are ongoing with buyers regarding the sale of the
other assets - ArcelorMittal Dudelange in Luxembourg, and several
finishing lines in Liege, Belgium - included in the divestment
package.
- On September 6, 2018, ArcelorMittal announced that it had
reached a provisonal labour agreement (now ratified) with Ilva’s
trade unions. The agreement represented an important milestone in
AM Investco Italy S.r.l (AM Investco)’s proposed acquisition of
Ilva (now completed). The key terms of the agreement are as
follows:
The labour agreement details a solution for every member of
Ilva’s existing workforce.
- ArcelorMittal has committed to initially hire 10,700 workers
based on their existing contractual terms of employment.
- In addition, between 2023 and 2025 ArcelorMittal has committed
to hire any workers who remain under Ilva’s extraordinary
administration.
Legal completion of the transaction and formal commencement of
AM Investco’s lease and purchase agreement for Ilva took place on
November 1, 2018.
- On September 5, 2018, ArcelorMittal announced the expiration
and the final results of its tender offers to purchase for cash,
for a combined aggregate purchase price (exclusive of accrued
Interest) of up to $750,000,000, its outstanding 7.0% notes due
2039 and 6.750% notes due 2041. ArcelorMittal purchased notes in an
amount of $622 million in connection with such tender offers ($428
million of the notes due 2039 and $194 million of the notes due
2041).
Regulatory filing
- On August 3, 2018, ArcelorMittal published its half-year report
for the six-month period ended 30 June 2018. The report is
available on http://corporate.arcelormittal.com/ under
Investors > Financial reports > Half-year reports, and on the
electronic database of the Luxembourg Stock Exchange
(www.bourse.lu/). The report has also been filed on Form 6-K with
the U.S. Securities and Exchange Commission (SEC) and is
available on http://corporate.arcelormittal.com/ under
Investors > Financial reports > SEC filings.
Outlook and guidance
The following global apparent steel consumption (“ASC”) figures
reflect the Company’s 2018 estimates, which remain unchanged from
those presented in connection with the half year 2018 results
announcement in August 2018.Market conditions remain favorable; the
demand environment remains positive (as evidenced by the continued
readings from the ArcelorMittal weighted PMI which signal expansion
in demand) and together with the benefits of structural supply side
reform is supporting healthy steel spreads.
Based on year-to-date growth and the current economic outlook,
ArcelorMittal expects global ASC to grow further in 2018 by between
+2.0% to +3.0%. By region: ASC in US is expected to grow +2.0% to
+3.0% in 2018, driven by demand in machinery and construction. In
Europe, the strength in machinery and construction end markets is
expected to support ASC growth of between +2.0% to +3.0% in
2018. In Brazil, 2018 ASC growth is forecast in the
range of +5.5% to +6.5%. In the CIS, ASC is expected to grow +2.0%
to +3.0% in 2018 reflecting strong consumption, particularly a
rebound in auto sales and production in Russia. Overall, World
ex-China ASC is expected to grow by approximately +3.0% to +4.0% in
2018. In China, overall demand is expected to grow by between +1.0%
to +2.0% in 2018, as real estate demand continues to surprise on
the upside and ongoing robust machinery and automotive demand,
offset in part by a slowdown in infrastructure.
The Company expects that certain cash needs of the business
(excluding working capital investment) will total approximately
$5.8 billion in 2018. This includes capital expenditures of $3.7
billion; net interest expenses of $0.6 billion reflecting the
ongoing benefits of liability management exercises completed in
2017 and 2018 and certain other cash needs (primarily taxes) to
total $1.5 billion (excluding an exceptional item relating to a
one-time litigation expense ($0.1 billion) and premium expenses on
the early redemption of bonds ($0.1 billion)).
Given the current market conditions the Company now expects a
working capital investment of approximately $3.0 billion to $3.5
billion for the full year 2018, implying a significant release in
4Q 2018.
The Company will continue to invest in opportunities that will
enhance future returns. By investing in these opportunities with
focus and discipline, the cash flow generation potential of the
Company is expected to increase. Deleveraging remains a priority
given the Company's $6 billion net debt target. The Company has
resumed dividends to shareholders in May 2018 and bought-back $0.2
billion of shares in March 2018. The Company is committed to an
increase in shareholder returns once the Group’s net debt target of
$6 billion is achieved.
ArcelorMittal Condensed Consolidated Statement of
Financial Position1
In millions of U.S. dollars |
Sep 30,2018 |
Jun 30,2018 |
Dec 31,2017 |
ASSETS |
|
|
|
Cash and cash equivalents |
2,482 |
|
3,100 |
2,786 |
Trade accounts receivable and other |
4,561 |
|
4,839 |
3,863 |
Inventories |
18,380 |
|
17,745 |
17,986 |
Prepaid expenses and other current assets |
2,799 |
|
2,802 |
1,931 |
Assets held for sale11 |
2,587 |
|
2,943 |
179 |
Total Current Assets |
30,809 |
|
31,429 |
26,745 |
|
|
|
|
Goodwill and intangible assets |
5,329 |
|
5,451 |
5,737 |
Property, plant and equipment |
34,027 |
|
34,290 |
36,971 |
Investments in associates and joint ventures |
4,863 |
|
4,711 |
5,084 |
Deferred tax assets |
7,487 |
|
7,496 |
7,055 |
Other assets |
3,288 |
|
3,587 |
3,705 |
Total Assets |
85,803 |
|
86,964 |
85,297 |
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
Short-term debt and current portion of long-term debt |
4,662 |
|
4,556 |
2,785 |
Trade accounts payable and other |
11,797 |
|
12,418 |
13,428 |
Accrued expenses and other current liabilities |
4,864 |
|
4,893 |
5,147 |
Liabilities held for sale11 |
722 |
|
846 |
50 |
Total Current Liabilities |
22,045 |
|
22,713 |
21,410 |
|
|
|
|
Long-term debt, net of current portion |
8,280 |
|
8,963 |
10,143 |
Deferred tax liabilities |
2,483 |
|
2,506 |
2,684 |
Other long-term liabilities |
10,405 |
|
10,447 |
10,205 |
Total Liabilities |
43,213 |
|
44,629 |
44,442 |
|
|
|
|
Equity attributable to the equity holders of the parent |
40,590 |
|
40,320 |
38,789 |
Non-controlling interests |
2,000 |
|
2,015 |
2,066 |
Total Equity |
42,590 |
|
42,335 |
40,855 |
Total Liabilities and Shareholders’ Equity |
85,803 |
|
86,964 |
85,297 |
ArcelorMittal Condensed Consolidated Statement of
Operations1
|
Three months ended |
Nine months ended |
In millions of U.S. dollars unless otherwise
shown |
Sep 30,2018 |
Jun 30,2018 |
Sep 30,2017 |
Sep 30,2018 |
Sep 30, 2017 |
Sales |
18,522 |
|
19,998 |
|
17,639 |
|
57,706 |
|
50,969 |
|
Depreciation (B) |
(653 |
) |
(712 |
) |
(690 |
) |
(2,076 |
) |
(2,021 |
) |
Impairment (B) |
(509 |
) |
— |
|
— |
|
(595 |
) |
(46 |
) |
Exceptional charges (B) |
— |
|
— |
|
— |
|
(146 |
) |
— |
|
Operating income (A) |
1,567 |
|
2,361 |
|
1,234 |
|
5,497 |
|
4,200 |
|
Operating margin % |
8.5 |
% |
11.8 |
% |
7.0 |
% |
9.5 |
% |
8.2 |
% |
|
|
|
|
|
|
Income from associates, joint ventures and other investments |
183 |
|
30 |
|
117 |
|
425 |
|
323 |
|
Net interest expense |
(152 |
) |
(159 |
) |
(205 |
) |
(475 |
) |
(635 |
) |
Foreign exchange and other net financing (loss)/ gain |
(475 |
) |
(390 |
) |
132 |
|
(1,039 |
) |
209 |
|
Income before taxes and non-controlling
interests |
1,123 |
|
1,842 |
|
1,278 |
|
4,408 |
|
4,097 |
|
Current tax expense |
(206 |
) |
(240 |
) |
(116 |
) |
(730 |
) |
(449 |
) |
Deferred tax benefit / (expense) |
28 |
|
259 |
|
45 |
|
368 |
|
(102 |
) |
Income tax (expense) / benefit |
(178 |
) |
19 |
|
(71 |
) |
(362 |
) |
(551 |
) |
Income including non-controlling interests |
945 |
|
1,861 |
|
1,207 |
|
4,046 |
|
3,546 |
|
Non-controlling interests (income) / loss |
(46 |
) |
4 |
|
(2 |
) |
(90 |
) |
(17 |
) |
Net income attributable to equity holders of the
parent |
899 |
|
1,865 |
|
1,205 |
|
3,956 |
|
3,529 |
|
|
|
|
|
|
|
Basic earnings per common share ($)2 |
0.89 |
|
1.84 |
|
1.18 |
|
3.89 |
|
3.46 |
|
Diluted earnings per common share ($)2 |
0.88 |
|
1.83 |
|
1.18 |
|
3.87 |
|
3.45 |
|
|
|
|
|
|
|
Weighted average common shares outstanding (in millions)2 |
1,014 |
|
1,013 |
|
1,020 |
|
1,016 |
|
1,020 |
|
Diluted weighted average common shares outstanding (in
millions)2 |
1,019 |
|
1,018 |
|
1,023 |
|
1,021 |
|
1,023 |
|
|
|
|
|
|
|
OTHER INFORMATION |
|
|
|
|
|
EBITDA (C = A-B) |
2,729 |
|
3,073 |
|
1,924 |
|
8,314 |
|
6,267 |
|
EBITDA Margin % |
14.7 |
% |
15.4 |
% |
10.9 |
% |
14.4 |
% |
12.3 |
% |
|
|
|
|
|
|
Own iron ore production (Mt) |
14.5 |
|
14.5 |
|
14.2 |
|
43.5 |
|
42.9 |
|
Crude steel production (Mt) |
23.3 |
|
23.2 |
|
23.6 |
|
69.8 |
|
70.4 |
|
Steel shipments (Mt) |
20.5 |
|
21.8 |
|
21.7 |
|
63.6 |
|
64.2 |
|
ArcelorMittal Condensed Consolidated Statement of Cash
flows1
|
Three months ended |
Nine months ended |
In millions of U.S. dollars |
Sep 30,2018 |
Jun 30,2018 |
Sep 30,2017 |
Sept 30,2018 |
Sept 30,2017 |
Operating activities: |
|
|
|
|
|
Income attributable to equity holders of the parent |
899 |
|
1,865 |
|
1,205 |
|
3,956 |
|
3,529 |
|
Adjustments to reconcile net income to net cash provided by
operations: |
|
|
|
|
|
Non-controlling interests (loss) / income |
46 |
|
(4 |
) |
2 |
|
90 |
|
17 |
|
Depreciation and impairment |
1,162 |
|
712 |
|
690 |
|
2,671 |
|
2,067 |
|
Exceptional charges4 |
— |
|
— |
|
— |
|
146 |
|
— |
|
Income from associates, joint ventures and other investments |
(183 |
) |
(30 |
) |
(117 |
) |
(425 |
) |
(323 |
) |
Deferred tax (benefit) / expense |
(28 |
) |
(259 |
) |
(45 |
) |
(368 |
) |
102 |
|
Change in working capital |
(1,713 |
) |
(1,232 |
) |
(801 |
) |
(4,814 |
) |
(3,530 |
) |
Other operating activities (net) |
451 |
|
180 |
|
(171 |
) |
770 |
|
(184 |
) |
Net cash provided by operating activities (A) |
634 |
|
1,232 |
|
763 |
|
2,026 |
|
1,678 |
|
Investing activities: |
|
|
|
|
|
Purchase of property, plant and equipment and intangibles (B) |
(781 |
) |
(616 |
) |
(637 |
) |
(2,149 |
) |
(1,783 |
) |
Other investing activities (net) |
180 |
|
60 |
|
74 |
|
316 |
|
(116 |
) |
Net cash used in investing activities |
(601 |
) |
(556 |
) |
(563 |
) |
(1,833 |
) |
(1,899 |
) |
Financing activities: |
|
|
|
|
|
Net (payments) / proceeds relating to payable to banks and
long-term debt |
(543 |
) |
474 |
|
587 |
|
194 |
|
604 |
|
Dividends paid |
(37 |
) |
(101 |
) |
(80 |
) |
(188 |
) |
(120 |
) |
Share buyback |
— |
|
— |
|
— |
|
(226 |
) |
— |
|
Other financing activities (net) |
(17 |
) |
(21 |
) |
7 |
|
(58 |
) |
(48 |
) |
Net cash (used in) / provided by financing
activities |
(597 |
) |
352 |
|
514 |
|
(278 |
) |
436 |
|
Net (decrease) / increase in cash and cash equivalents |
(564 |
) |
1,028 |
|
714 |
|
(85 |
) |
215 |
|
Cash and cash equivalents transferred (to)/from assets held for
sale |
— |
|
(23 |
) |
— |
|
(23 |
) |
13 |
|
Effect of exchange rate changes on cash |
(56 |
) |
(104 |
) |
9 |
|
(143 |
) |
42 |
|
Change in cash and cash equivalents |
(620 |
) |
901 |
|
723 |
|
(251 |
) |
270 |
|
|
|
|
|
|
|
Free cash flow (C=A+B) |
(147 |
) |
616 |
|
126 |
|
(123 |
) |
(105 |
) |
Appendix 1: Product shipments by region
(000'kt) |
3Q 18 |
2Q 18 |
3Q 17 |
9M 18 |
9M 17 |
Flat |
4,885 |
|
5,011 |
|
4,820 |
|
14,707 |
|
14,512 |
|
Long |
774 |
|
969 |
|
984 |
|
2,664 |
|
2,658 |
|
NAFTA |
5,512 |
|
5,803 |
|
5,655 |
|
16,874 |
|
16,684 |
|
Flat |
1,695 |
|
1,494 |
|
1,766 |
|
4,589 |
|
4,812 |
|
Long |
1,415 |
|
1,345 |
|
1,181 |
|
3,855 |
|
2,992 |
|
Brazil |
3,097 |
|
2,831 |
|
2,940 |
|
8,411 |
|
7,788 |
|
Flat |
6,855 |
|
7,553 |
|
7,098 |
|
22,112 |
|
21,957 |
|
Long |
2,798 |
|
2,942 |
|
2,954 |
|
8,701 |
|
8,673 |
|
Europe |
9,709 |
|
10,516 |
|
10,116 |
|
30,922 |
|
30,790 |
|
CIS |
1,879 |
|
1,861 |
|
2,297 |
|
5,606 |
|
6,628 |
|
Africa |
1,102 |
|
1,199 |
|
1,065 |
|
3,468 |
|
3,212 |
|
ACIS |
2,986 |
|
3,057 |
|
3,362 |
|
9,072 |
|
9,840 |
|
Note: “Others and eliminations” are not presented in the
table
Appendix 2a: Capital expenditures
(USDm) |
3Q 18 |
2Q 18 |
3Q 17 |
9M 18 |
9M 17 |
NAFTA |
155 |
|
110 |
|
95 |
|
425 |
|
282 |
|
Brazil |
59 |
|
36 |
|
79 |
|
142 |
|
191 |
|
Europe |
298 |
|
226 |
|
213 |
|
837 |
|
713 |
|
ACIS |
141 |
|
117 |
|
114 |
|
375 |
|
262 |
|
Mining |
116 |
|
119 |
|
132 |
|
342 |
|
316 |
|
Total |
781 |
|
616 |
|
637 |
|
2,149 |
|
1,783 |
|
Note: “Others and eliminations” are not presented in the
table
Appendix 2b: Capital expenditure projects
The following tables summarize the Company’s principal growth
and optimization projects involving significant capital
expenditures.
Completed projects in most recent
quarter
Segment |
Site / unit |
Project |
Capacity / details |
Actual completion |
Europe |
ArcelorMittal Differdange (Luxembourg) |
Modernisation of finishing of “Grey rolling mill" |
Revamp finishing to achieve full capacity of Grey mill at
850kt/y |
2Q 2018 |
Europe |
Gent & Liège (Europe Flat Automotive UHSS Program) |
Gent: Upgrade HSM and new furnace Liège: Annealing line
transformation |
Increase ~400kt in Ultra High Strength Steel capabilities |
2Q 2018 |
Ongoing projects
Segment |
Site / unit |
Project |
Capacity / details |
Forecasted completion |
NAFTA |
Indiana Harbor (US) |
Indiana Harbor “footprint optimization project” |
Restoration of 80” HSM and upgrades at Indiana Harbor
finishing |
2018(a) |
ACIS |
ArcelorMittal Kryvyi Rih (Ukraine) |
New LF&CC 2&3 |
Facilities upgrade to switch from ingot to continuous caster route.
Additional billets of 290kt over ingot route through yield
increase |
2019 |
Europe |
Sosnowiec (Poland) |
Modernization of Wire Rod Mill |
Upgrade rolling technology improving the mix of HAV products and
increase volume by 90kt |
2019 |
NAFTA |
Mexico |
Build new HSM |
Production capacity of 2.5Mt/year |
2020(b) |
NAFTA |
ArcelorMittal Dofasco (Canada) |
Hot Strip Mill Modernization |
Replace existing three end of life coilers with two states of the
art coilers and new runout tables. |
2020(c) |
NAFTA |
Burns Harbor (US) |
New Walking Beam Furnaces |
Two new walking beam reheat furnaces bringing benefits on
productivity, quality and operational cost |
2021 |
Brazil |
ArcelorMittal Vega Do Sul |
Expansion project |
Increase hot dipped / cold rolled coil capacity and construction of
a new 700kt continuous annealing line (CAL) and continuous
galvanising line (CGL) combiline |
2021(d) |
Brazil |
Juiz de Fora |
Melt shop expansion |
Increase in meltshop capacity by 0.2Mt/year |
On hold(e) |
Brazil |
Monlevade |
Sinter plant, blast furnace and melt shop |
Increase in liquid steel capacity by 1.2Mt/year; Sinter feed
capacity of 2.3Mt/year |
On hold |
Mining |
Liberia |
Phase 2 expansion project |
Increase production capacity to 15Mt/year |
Under review(f) |
a) In support of the Company’s Action 2020 program
that was launched at its fourth quarter and full-year 2015 earnings
announcement, the footprint optimization project at ArcelorMittal
Indiana Harbor is now complete, which has resulted in structural
changes required to improve asset and cost optimization. The plan
involved idling redundant operations including the #1 aluminize
line, 84” hot strip mill (HSM), and #5 continuous galvanizing line
(CGL) and No.2 steel shop (idled in 2Q 2017) whilst making further
planned investments totalling ~$200 million including a new caster
at No.3 steel shop (completed in 4Q 2016), restoration of the 80”
hot strip mill and Indiana Harbor finishing are ongoing. The full
project scope is expected to be completed in 2018.
b) On September 28, 2017, ArcelorMittal announced a
major US$1 billion, three-year investment programme at its Mexican
operations, which is focussed on building ArcelorMittal Mexico’s
downstream capabilities, sustaining the competitiveness of its
mining operations and modernising its existing asset base. The
programme is designed to enable ArcelorMittal Mexico to meet the
anticipated increased demand requirements from domestic customers,
realise in full ArcelorMittal Mexico’s production capacity of 5.3
million tonnes and significantly enhance the proportion of higher
added-value products in its product mix, in-line with the Company’s
Action 2020 plan. The main investment will be the construction of a
new hot strip mill. Construction will take approximately three
years and, upon completion, will enable ArcelorMittal Mexico to
produce c. 2.5 million tonnes of flat rolled steel, long steel c.
1.8 million tonnes and the remainder made up of semi-finished
slabs. Coils from the new hot strip mill will be supplied to
domestic, non-auto, general industry customers. The project
commenced late 4Q 2017 and is expected to be completed in the
second quarter of 2020. The Company expects capital expenditures of
approximately $350 million with respect to this programme in
2018.
c) Investment in ArcelorMittal Dofasco (Canada) to
modernise the hot strip mill. The project is to install two new
state of the art coilers and runout tables to replace three end of
life coilers. The strip cooling system will be upgraded and include
innovative power cooling technology to improve product capability.
The project is expected to be completed in 2020.
d) In August 2018, ArcelorMittal announced the
resumption of the Vega Do Sul expansion to provide an additional
700kt of cold-rolled annealed and galvanised capacity to serve the
growing domestic market. The three-year investment programme to
increase rolling capacity with construction of a new CAL and CGL
combiline (and the option to add a ca. 100kt organic coating line
to serve construction and appliance segments), and upon completion,
will strengthen ArcelorMittal’s position in the fast growing
automotive and industry markets through Advanced High Strength
Steel products. The investments will look to facilitate a wide
range of products and applications whilst further optimizing
current ArcelorMittal Vega facilities to maximize site capacity and
its competitiveness, considering comprehensive digital and
automation technology.
e) Although the Monlevade wire rod expansion project
and Juiz de Fora rebar expansion were completed in 2015, the
Juiz de Fora melt shop project is currently on hold and is
expected to be completed upon Brazil domestic market recovery.
f) ArcelorMittal Liberia has moved ore
extraction from its depleting DSO (direct shipping ore) deposit at
Tokadeh to the nearby, lower impurity DSO Gangra deposit with
planned production of 5Mt in 2018. The Gangra mine, haul road and
related existing plant and equipment upgrades have now been
completed. Following a period of exploration cessation caused by
the onset of Ebola, ArcelorMittal Liberia recommenced drilling for
DSO resource extensions in late 2015. During 2016, the operation at
Tokadeh was right-sized to focus on its “natural” Atlantic markets.
The originally planned phase 2 project of 15Mtpa of concentrate
sinter fine ore product was delayed in August 2014 due to the
declaration of force majeure by contractors following the Ebola
virus outbreak, and then reassessed following rapid iron ore price
declines over the ensuing period since.
Now that mining at the Gangra deposit has commenced,
ArcelorMittal Liberia has launched a feasibility study to identify
the optimal concentration solution in a phased approach for
utilising the significant lower grade resources at Tokadeh. The
results of the feasibility study are expected at the end of
2018.
ArcelorMittal remains committed to Liberia where it operates a
full value chain of mine, rail and port and where it has
been operating the mine on a DSO basis since 2011. The Company
believes that ArcelorMittal Liberia presents a strong, competitive
source of product ore for the international market based on
continuing DSO mining and subsequent shift to a high grade,
long-term sinter feed concentration phase.
Appendix 3: Debt repayment schedule as of September 30,
2018
(USD billion) |
2018 |
2019 |
2020 |
2021 |
2022 |
>=2023 |
Total |
Bonds |
— |
|
0.9 |
|
1.9 |
|
1.3 |
|
1.5 |
|
2.2 |
|
7.8 |
|
Commercial paper |
1.0 |
|
0.5 |
|
— |
|
— |
|
— |
|
— |
|
1.5 |
|
Other loans |
1.6 |
|
0.8 |
|
0.2 |
|
0.4 |
|
0.2 |
|
0.5 |
|
3.7 |
|
Total gross debt |
2.6 |
|
2.2 |
|
2.1 |
|
1.7 |
|
1.7 |
|
2.7 |
|
13.0 |
|
Appendix 4: Reconciliation of gross debt to net
debt
(USD million) |
Sep 30, 2018 |
Jun 30, 2018 |
Dec 31, 2017 |
Gross debt |
12,942 |
|
13,519 |
|
12,928 |
|
Gross debt held as part of the liabilities held for sale |
79 |
|
82 |
|
— |
|
Gross debt (including those held as part of the liabilities
held for sale) |
13,021 |
|
13,601 |
|
12,928 |
|
Less: |
|
|
|
Cash and cash equivalents |
(2,482 |
) |
(3,100 |
) |
(2,786 |
) |
Cash and cash equivalents held as part of the assets held for
sale |
(23 |
) |
(23 |
) |
— |
|
Net debt (including those held as part of the assets and
the liabilities held for sale) |
10,516 |
|
10,478 |
|
10,142 |
|
Appendix 5: Terms and definitions
Unless indicated otherwise, or the context otherwise requires,
references in this earnings release report to the following terms
have the meanings set out next to them below:
Apparent steel consumption: calculated as the
sum of production plus imports minus exports.Average steel
selling prices: calculated as steel sales divided by steel
shipments.Cash and cash equivalents: represents
cash and cash equivalents, restricted cash and short-term
investments.Capex: represents the purchase of
property, plant and equipment and intangibles.Crude steel
production: steel in the first solid state after melting,
suitable for further processing or for
sale.EBITDA: operating income plus depreciation,
impairment expenses and exceptional income/
(charges).EBITDA/tonne: calculated as EBITDA
divided by total steel shipments.Exceptional income /
(charges): relate to transactions that are significant,
infrequent or unusual and are not representative of the normal
course of business of the period.Foreign exchange and other
net financing (loss) / gain: include foreign currency
exchange impact, bank fees, interest on pensions, impairments of
financial assets, revaluation of derivative instruments and other
charges that cannot be directly linked to operating
results.Free cash flow (FCF): refers to net cash
provided by (used in) operating activities less capex.Gross
debt: long-term debt, plus short-term
debt.Liquidity: cash and cash equivalents plus
available credit lines excluding back-up lines for the commercial
paper program.LTIF: lost time injury frequency
rate equals lost time injuries per 1,000,000 worked hours, based on
own personnel and contractors.MT: refers to
million metric tonnesMarket-priced tonnes:
represent amounts of iron ore and coal from ArcelorMittal mines
that could be sold to third parties on the open market.
Market-priced tonnes that are not sold to third parties are
transferred from the Mining segment to the Company’s steel
producing segments and reported at the prevailing market price.
Shipments of raw materials that do not constitute market-priced
tonnes are transferred internally and reported on a cost-plus
basis.Mining segment sales: i) “External sales”:
mined product sold to third parties at market price; ii)
“Market-priced tonnes”: internal sales of mined product to
ArcelorMittal facilities and reported at prevailing market prices;
iii) “Cost-plus tonnes” - internal sales of mined product to
ArcelorMittal facilities on a cost-plus basis. The determinant of
whether internal sales are reported at market price or cost-plus is
whether the raw material could practically be sold to third parties
(i.e. there is a potential market for the product and logistics
exist to access that market).Net debt: long-term
debt, plus short-term debt less cash and cash equivalents
(including those held as part of assets and liabilities held for
sale).Net debt/EBITDA: refers to Net debt divided
by last twelve months EBITDA calculation.Net interest
expense: includes interest expense less interest
incomeOn-going projects: refer to projects for
which construction has begun (excluding various projects that are
under development), even if such projects have been placed on hold
pending improved operating conditions.Operating results:
refers to operating income/(loss).Operating
segments: NAFTA segment includes the Flat, Long and
Tubular operations of USA, Canada and Mexico. The Brazil segment
includes the Flat, Long and Tubular operations of Brazil and its
neighboring countries including Argentina, Costa Rica and
Venezuela. The Europe segment comprises the Flat, Long and Tubular
operations of the European business, as well as Downstream
Solutions. The ACIS segment includes the Flat, Long and Tubular
operations of Kazakhstan, Ukraine and South Africa. Mining segment
includes iron ore and coal operations.Own iron ore
production: includes total of all finished production of
fines, concentrate, pellets and lumps and includes share of
production (excludes strategic long-term
contracts).PMI: refers to purchasing managers
index (based on ArcelorMittal estimates)Seaborne iron ore
reference prices: refers to iron ore prices for 62% Fe CFR
ChinaShipments: information at segment and group
level eliminates intra-segment shipments (which are primarily
between Flat/Long plants and Tubular plants) and inter-segment
shipments respectively. Shipments of Downstream Solutions are
excluded.Steel-only EBITDA: calculated as Group
EBITDA less Mining segment EBITDA.Steel-only
EBITDA/tonne: calculated as steel-only EBITDA divided by
total steel shipments.Working capital change (working
capital investment / release): trade accounts receivable
plus inventories less trade and other accounts
payable.YoY: refers to year-on-year.
Footnotes
- The financial information in this press release has been
prepared consistently with International Financial Reporting
Standards (“IFRS”) as issued by the International Accounting
Standards Board (“IASB”) and as adopted by the European Union. The
interim financial information included in this announcement has
been also prepared in accordance with IFRS applicable to interim
periods, however this announcement does not contain sufficient
information to constitute an interim financial report as defined in
International Accounting Standard 34, “Interim Financial
Reporting”. The numbers in this press release have not been
audited. The financial information and certain other information
presented in a number of tables in this press release have been
rounded to the nearest whole number or the nearest decimal.
Therefore, the sum of the numbers in a column may not conform
exactly to the total figure given for that column. In addition,
certain percentages presented in the tables in this press release
reflect calculations based upon the underlying information prior to
rounding and, accordingly, may not conform exactly to the
percentages that would be derived if the relevant calculations were
based upon the rounded numbers. This press release also includes
certain non-GAAP financial measures. ArcelorMittal presents EBITDA,
and EBITDA/tonne, which are non-GAAP financial measures and defined
in the Condensed Consolidated Statement of Operations, as
additional measures to enhance the understanding of operating
performance. ArcelorMittal believes such indicators are relevant to
describe trends relating to cash generating activity and provides
management and investors with additional information for comparison
of the Company’s operating results to the operating results of
other companies. ArcelorMittal also presents net debt and change in
working capital as additional measures to enhance the understanding
of its financial position, changes to its capital structure and its
credit assessment. The Company’s guidance as to its working capital
investment (or the change in working capital included in net cash
provided by operating activities) for the full year 2018 is based
on the same accounting policies as those applied in the Company’s
financial statements prepared in accordance with IFRS.
ArcelorMittal also presents free cash flow, which is a non-GAAP
financial measure defined in the Condensed Consolidated Statement
of Cash flows, because it believes it is a useful supplemental
measure for evaluating the strength of its cash generating
capacity. Non-GAAP financial measures should be read in conjunction
with, and not as an alternative for, ArcelorMittal's financial
information prepared in accordance with IFRS. Such non-GAAP
measures may not be comparable to similarly titled measures applied
by other companies.
- At the Extraordinary General Meeting held on May 10, 2017, the
shareholders approved a share consolidation based on a ratio 1:3,
whereby every three shares were consolidated into one share (with a
change in the number of shares outstanding and the accounting par
value per share).
- On April 20, 2018, following the approval by the Brazilian
antitrust authority - CADE of the combination of ArcelorMittal
Brasil’s and Votorantim’s long steel businesses in Brazil subject
to the fulfilment of divestment commitments, ArcelorMittal Brasil
agreed to dispose of its two production sites of Cariacica and
Itaúna, as well as some wire drawing equipment of ArcelorMittal
Brasil and ArcelorMittal Sul-Fluminense. The sale was completed
early May 2018 to the Mexican Group Simec S.A.B. de CV. A second
package of some wire drawing equipment of ArcelorMittal Brasil and
ArcelorMittal Sul-Fluminense were sold to the company Aço Verde do
Brasil as part of CADE's conditional approval.
- In July 2018, as a result of a settlement process, the Company
and the German Federal Cartel Office agreed to a €118 million ($146
million) fine to be paid by ArcelorMittal Commercial Long
Deutschland GmbH ending an investigation that began in the first
half of 2016 into antitrust violations as concerns the
ArcelorMittal entities that has been under investigation. The
payment was made in August 2018.
- On August 7, 2017, ArcelorMittal USA and Cliffs Natural
Resources (“Cliffs”) agreed that Cliffs would acquire ArcelorMittal
USA’s 21% ownership interest in the Empire Iron Mining Partnership
for $133 million plus assumptions of all partnership liabilities.
The payment of $133 million will be made in 3 equal installments
with the first payment of $44 million received in August 2017, the
second payment received in August 2018 and the final payments to be
received in 2019.
- On January 27, 2017 China Oriental completed a share placement
to restore the minimum 25% free float as per HKEx listing
requirements. Following the share placement, ArcelorMittal’s
interest in China Oriental decreased from 47% to 39%, as a result
of which ArcelorMittal recorded a net dilution loss of $44
million.
- On August 25, 2017, following a sales agreement signed on
October 21, 2016, ArcelorMittal completed the sale of its 50%
shareholding in Kalagadi Manganese (Proprietary) Limited to
Kgalagadi Alloys (Proprietary) Limited for consideration to be paid
during the life of the mine, which is contingent on the financial
performance of the mine and cash flow availability. The investment
classified as held for sale as of December 31, 2016 had a nil
carrying amount as it was fully impaired in 2015 but the Company
recycled upon disposal accumulated foreign exchange translation
losses of $187 million in income from associates, joint ventures
and other investments.
- Following the May 16, 2018 approval of the Extraordinary
General Meeting to convert the share capital of the ArcelorMittal
parent company from Euro to US dollar, the Euro denominated tax
losses and the related deferred tax asset (DTA) held by the
ArcelorMittal parent company were translated into US dollars. The
Company designated its euro denominated debt as a hedge of certain
euro denominated net investments in foreign operations. Following
this change, periodic revaluations of such external
euro-denominated debt are recorded in other comprehensive income
rather than the statement of operations. The conversion of the euro
denominated DTA was effective as of January 1, 2018, whilst
the impacts on euro denominated debt has been applied prospectively
from April 1, 2018. As a result, the Company’s statement of
operations no longer has foreign exchange exposure to euro
denominated debt and DTA.
- ArcelorMittal Mines Canada, otherwise known as ArcelorMittal
Mines and Infrastructure Canada.
- On December 21, 2016, ArcelorMittal signed an agreement for a
$5.5 billion revolving credit facility (the "Facility"). The
agreement incorporates a first tranche of $2.3 billion maturing on
December 21, 2019, and a second tranche of $3.2 billion maturing on
December 21, 2021. The Facility may be used for general corporate
purposes. As of September 30, 2018, the $5.5 billion revolving
credit facility was fully available.
- Assets and liabilities held for sale, as of September 30, 2018
and June 30, 2018, include the Ilva remedy package assets (as
previously disclosed in the 2Q 2018 earnings release), Macsteel
investment (South Africa) and carrying value of the USA long
product facilities at Steelton (“Steelton”). Assets and liabilities
held for sale, as of December 31, 2017, include the carrying value
of Steelton and Frydek Mistek assets in Czech Republic (which was
sold in 1Q 2018).
- Converted with the rate of 73.2 Indian rupees / $1
Third quarter 2018 earnings analyst conference
call
ArcelorMittal management (including CEO and CFO)
will host a conference call for members of the investment community
to discuss the third quarter period ended September 30, 2018 on:
Thursday November 1, 2018 at 10.30am US Eastern time;
2.30pm London time and 3.30pm CET.
The
dial in numbers are: |
|
|
Location |
Toll free dial in numbers |
Local dial in numbers |
Participant |
UK local: |
0800 0515 931 |
+44 (0)203 364 5807 |
72199342# |
US local: |
1 86 6719 2729 |
+1 24 0645 0345 |
72199342# |
US (New York): |
1 86 6719 2729 |
+ 1 646 663 7901 |
72199342# |
France: |
0800 914780 |
+33 1 7071 2916 |
72199342# |
Germany: |
0800 965 6288 |
+49 692 7134 0801 |
72199342# |
Spain: |
90 099 4930 |
+34 911 143436 |
72199342# |
Luxembourg: |
800 26908 |
+352 27 86 05 07 |
72199342# |
A
replay of the conference call will be available for one week by
dialing: +49 (0) 1805 2047 088; Access code 522468# |
|
|
|
|
|
Forward-Looking StatementsThis document may
contain forward-looking information and statements about
ArcelorMittal and its subsidiaries. These statements include
financial projections and estimates and their underlying
assumptions, statements regarding plans, objectives and
expectations with respect to future operations, products and
services, and statements regarding future performance.
Forward-looking statements may be identified by the words
“believe”, “expect”, “anticipate”, “target” or similar expressions.
Although ArcelorMittal’s management believes that the expectations
reflected in such forward-looking statements are reasonable,
investors and holders of ArcelorMittal’s securities are cautioned
that forward-looking information and statements are subject to
numerous risks and uncertainties, many of which are difficult to
predict and generally beyond the control of ArcelorMittal, that
could cause actual results and developments to differ materially
and adversely from those expressed in, or implied or projected by,
the forward-looking information and statements. These risks and
uncertainties include those discussed or identified in the filings
with the Luxembourg Stock Market Authority for the Financial
Markets (Commission de Surveillance du Secteur Financier) and the
United States Securities and Exchange Commission (the “SEC”) made
or to be made by ArcelorMittal, including ArcelorMittal’s latest
Annual Report on Form 20-F on file with the SEC. ArcelorMittal
undertakes no obligation to publicly update its forward-looking
statements, whether as a result of new information, future events,
or otherwise.
About ArcelorMittalArcelorMittal is the world's
leading steel and mining company, with a presence in 60 countries
and an industrial footprint in 18 countries. Guided by a philosophy
to produce safe, sustainable steel, we are the leading supplier of
quality steel in the major global steel markets including
automotive, construction, household appliances and packaging, with
world-class research and development and outstanding distribution
networks.
Through our core values of sustainability, quality and
leadership, we operate responsibly with respect to the health,
safety and wellbeing of our employees, contractors and the
communities in which we operate. For us, steel is the fabric of
life, as it is at the heart of the modern world from railways to
cars and washing machines. We are actively researching and
producing steel-based technologies and solutions that make many of
the products and components people use in their everyday lives more
energy efficient.
We are one of the world’s five largest producers of iron ore and
metallurgical coal. With a geographically diversified portfolio of
iron ore and coal assets, we are strategically positioned to serve
our network of steel plants and the external global market. While
our steel operations are important customers, our supply to the
external market is increasing as we grow. In 2017, ArcelorMittal
had revenues of $68.7 billion and crude steel production of 93.1
million metric tonnes, while own iron ore production reached 57.4
million metric tonnes.
ArcelorMittal is listed on the stock exchanges of New York (MT),
Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish
stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please visit:
http://corporate.arcelormittal.com/
EnquiriesArcelorMittal investor relations:
Europe: +44 207 543 1128; Americas: +1 312 899 3985; Retail: +44
207 543 1156; SRI: +44 207 543 1156 and Bonds/credit: +33 1 71 92
10 26.
ArcelorMittal corporate communications (E-mail:
press@arcelormittal.com) +44 0207 629 7988. Contact: Paul Weigh +44
203 214 2419; France Tel: +33 153 70 94 17.
- ArcelorMittal reports third quarter 2018 and nine months 2018
results
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