ArcelorMittal reports fourth quarter 2013 and full year 2013 results

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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 results for the three and twelve-month periods ended December 31, 2013.

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07/02/2014 |

Highlights:

Health and safety performance improved in 2013 with an annual LTIF rate of 0.8x as compared to 1.0x in 2012
FY 2013 EBITDA of $6.9 billion, a 10.7% improvement versus FY 2012 on an underlying basis
4Q 2013 EBITDA of $1.9 billion
FY 2013 net loss of $2.5 billion (including exceptional items totalling $1.5 billion)
4Q 2013 net loss of $1.2 billion (including exceptional items totalling $1.3 billion)
Free cash flow positive in FY 2013; $4.3 billion of cash flow from operations and capex of $3.5 billion
Net debt at year end of $16.1 billion, a decrease of $5.7 billion during 2013
Pension/OPEB net obligations decreased by $2.6 billion during 2013
FY 2013 steel shipments of 84.3Mt (+0.6% YoY); 4Q 2013 steel shipments of 20.9Mt up (+4.4%) vs. 4Q 2012
FY 2013 iron ore shipments of 59.7Mt (+9.6% YoY), of which 35.1Mt shipped at market prices (+22% YoY)
$1.1 billion in annualized management gains achieved during 2013, in line with plan to achieve $3 billion of cost improvement by the end of 2015
Dividend maintained at $0.20/share, subject to shareholders' approval

Key developments:

ArcelorMittal and Nippon Steel & Sumitomo JV have agreed to acquire 100% of ThyssenKrupp Steel USA for $1.55 billion
The ramp-up of expanded capacity at AMMC completed with run-rate of 24 Mt achieved by year-end 2013; Phase II expansion of Liberia from 4 Mtpa direct shipped ore ("DSO") to 15 Mtpa concentrate ongoing, with first concentrate production targeted by end of 2015

Outlook and guidance framework:

Based on its guidance framework, the Company anticipates 2014 EBITDA of approximately $8 billion, assuming:
- a) Steel shipments increase by approximately 3% in 2014 as compared to 2013
- b) Marketable iron ore shipments increase by approximately 15%
- c) The average iron ore price is in line with the market consensus (approximately $120/t for 62% Fe CFR China)
- d) A moderate improvement in steel margins
Net interest expense is expected to be approximately $1.6 billion for 2014
Capital expenditure is expected to be approximately $3.8-4.0 billion for 2014
The Company maintains its medium term net debt target at $15 billion