ArcelorMittal Posts Higher 4Q Sales, Ebitda
February 10 2022 - 2:19AM
Dow Jones News
By Ed Frankl
ArcelorMittal said fourth-quarter sales and earnings rose, as it
boosted its steel shipments and benefited from higher steel
prices.
Europe's largest steelmaker Thursday said sales came in at
$20.81 billion, compared with $14.18 billion a year earlier, on
significantly higher average steel selling prices.
Earnings before interest, taxes, depreciation and amortization
were $5.05 billion, jumping from $1.73 billion a year earlier,
though it was below the $6.06 billion posted in the third
quarter.
Analysts had anticipated Ebitda at $4.95 billion, according to
consensus expectations provided by the company.
Steel shipments amounted to 15.8 million metric tons, 7.9%
higher than the previous quarter, following the reversal of
production constraints and order shipment delays that affected the
third quarter, ArcelorMittal said.
The Luxembourg-based company said it expects its steel shipments
in 2022 to grow by 3% compared with 2021, and also expects strong
Ebitda and free-cash-flow generation.
Based on current market conditions together with impacts from
higher automotive contract price resets, ArcelorMittal said it
expects a further working capital investment in the first quarter
of 2022.
"Industry fundamentals remain positive, supported by
renegotiated automotive contracts. Our balance sheet strength
enables us to invest in the most compelling organic growth
opportunities and continue our transition towards low-emissions
steelmaking," Chief Executive Officer Aditya Mittal said.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
February 10, 2022 02:04 ET (07:04 GMT)
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