Luxembourg-based ArcelorMittal, the world's largest steelmaker, has announced its financial results for 2018.
In 2018, ArcelorMittal achieved a net profit of $5.1 billion, rising by 12.7 percent year on year. The company’s sales revenues increased by 10.7 percent year on year to $76.03 billion, primarily due to higher average steel selling prices (+13.5%) offset in part by lower steel shipments (-1.6%). ArcelorMittal registered an EBITDA of $10.3 billion in the given period, up 22.1 percent year on year.
ArcelorMittal's crude steel production decreased by 0.6 percent to 92.5 million mt in 2018, while its iron ore production increased by 1.9 percent year on year to 58.5 million mt.
Although the issue of global overcapacity persists, ArcelorMittal expects further, moderate global steel demand growth this year. Steel shipments are also expected to increase, supported by improved operational performance
According to ArcelorMittal, market-priced iron ore shipments for 2019 are expected to be broadly stable as compared to 2018 with increases in Liberia and AMMC to be offset by a lower volume in Mexico (in part due to the end of life of Volcan mine).