ArcelorMittal predicts increased steel demand for fiscal 2019

ArcelorMittal, the world's leading integrated metals and mining company, announced financial results for the last quarter and year ended December 31, 2018.

Operating profit for the full 2018 fiscal year was up 20.3% year-on-year to $ 6.5 billion. EBITDA also rose 22.1% to $ 10.3 billion. ArcelorMittal reported that net income for the year was $ 5.1 billion, up 12.7% from $ 4.6 billion in fiscal 2017. Meanwhile, annual crude steel production fell slightly by 0.6% year-on-year to 92.5 million tonnes. Steel supplies totaled 83.9 million tonnes, a slight decline of 1.6% yoy. Iron ore shipments rose marginally 0.7% to 58.3 million tonnes in fiscal 2018.

Operating income in the fourth quarter of 2018 fell sharply by 15.6%. EBITDA also decreased by 8.9% year-on-year.

The company said in a press release that the completion of the acquisitions of Votorantim in Brazil and Ilva in Italy resulted in a significant improvement in the company's asset portfolio. In addition, the company, in partnership with NSSMC, has been selected as a successful bidder for Essar Steel's Indian steel assets.

In commenting on its outlook, the company remains hoping for a significant expansion in global steel demand in fiscal 2019. The improvement in operating indicators could lead to an increase in steel supplies, as noted in the message.

Mr Lakshmi N. Mittal, Chairman and CEO of ArcelorMittal, said 2018 was a year of positive momentum for the company. The company will continue to focus on specific growth opportunities in addition to its existing global presence, he added.