ArcelorMittal announces financial results for Q4 2010 and full year 2010
2010 was much better for ArcelorMittal than 2009. EBITDA in Q4 amounted to USD 1.9 bn and in the full year – to USD 8.5 bn. This translates onto 52% increase y-o-y. Net income for 2010 amounted to USD 2.9 bn.
Last year ArcelorMittal observed 22% increase in shipments, which reached the level of 85 m tonnes. In Q4 alone shipments were equal to 21.2 m tonnes, 3% higher than Q3. The company is also increasing its self-sufficiency in iron ore – in 2010 the volume from its own mines came to 48.9 m tonnes, against 37.7 m tonnes a year before.
Upon the consent of shareholders expressed on January 25, 2011 the stainless segment was spun off, which currently operates under the name of Aperam. ArcelorMittal has along with Nunavut Iron Ore jointly acquired more than 90% of Baffinland Iron Ore Mines Corporation. The Company’s immediate focus will be on completing project feasibility studies.
Commenting, Mr. Lakshmi N. Mittal, Chairman and CEO, ArcelorMittal, said:
“Although 2010 continued to be a challenging year, as anticipated we saw a slow and progressive recovery which enabled us to deliver a substantially improved performance compared with 2009. The gradual underlying demand recovery continues and we expect 2011 to be stronger than 2010. The year has started positively with the successful spin-off of Aperam. We have also continued to pursue expansion in mining and have recently acquired control of Baffinland, an extremely high-quality iron-ore asset in Canada.”
The Group estimates that the production will go up in Q1 due to improving market sentiments. Capacity utilization in this period will go up to 76% as against 69% in Q4.