November 10, 2022 01:00 ET | Source: ArcelorMittal S.A. ArcelorMittal S.A.
Luxembourg, November 10, 2022 - 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 results1,2 for the three-month and nine-month periods ended September 30, 2022. Heat Treatment Alloy Steel Strip
Financial highlights (on the basis of IFRS1,2):
Commenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said:
“The strong market conditions enjoyed for much of the past two years deteriorated in the third quarter as seasonally lower shipments, a reduction in exceptional price levels, destocking and higher energy costs combined to put profits under pressure. The business responded quickly to the changing environment, cutting higher cost capacity to manage addressable demand and reduce fixed costs, and reducing European gas consumption by 30%.
The group’s decarbonization goals remain a central part of the strategy, with a key development being the ground breaking last month in Ontario, Canada, for a new DRI-EAF plant, which is hydrogen ready. This is an important milestone in our decarbonization roadmap and has been achieved thanks to support from both the regional and federal governments. With COP27 underway we hope for progress on measures that can accelerate the road to net zero, including the scaling up of renewable energy, critical for both the decarbonization of steel and enhanced energy security.
The short-term outlook for the industry remains uncertain and caution is appropriate. But, ArcelorMittal has the strength, resilience and experience to face the future with confidence. Supported by a strong balance sheet, we will continue to focus on executing our strategy, designed to ensure our long-term sector leadership, as well as deliver sustainable investor returns.”
Sustainable development and safety performance
Health and safety - Own personnel and contractors lost time injury frequency rate18
Protecting the health and wellbeing of employees is the Company’s overarching priority with ongoing strict adherence to World Health Organization guidelines (in respect of COVID-19), and specific government guidelines have been followed and implemented.
Health and safety performance based on own personnel and contractors lost time injury frequency ("LTIF") rate was 0.54x in the third quarter of 2022 ("3Q 2022") as compared to 0.67x in the second quarter of 2022 ("2Q 2022) and 0.76x in the third quarter of 20213 ("3Q 2021"). Health and safety performance in the first nine months of 2022 (“9M 2022”) was 0.63x as compared to 0.80x in the first nine months of 2021 (“9M 2021”).
Own personnel and contractors - Frequency rate
Sustainable development highlights – leading the decarbonization of the steel industry:
Analysis of results for 3Q 2022 versus 2Q 2022 and 3Q 2021
Total steel shipments in 3Q 2022 were 13.6Mt, -5.6% lower as compared with 14.4Mt in 2Q 2022, largely reflecting weaker demand and seasonality in Europe (-11.1%), Brazil (-5.5%) mainly due to lower exports, NAFTA (-4.6%) offset in part by higher shipments in ACIS +37.6%.
3Q 2022 steel shipments were -7.1% lower as compared with 14.6Mt in 3Q 2021, largely reflecting weaker demand in Europe (-6.2%) and the war in Ukraine (-29.2%) offset in part by NAFTA (+2.6%). Excluding the impact of Ukraine, steel shipments in 3Q 2022 declined by -1.0% as compared to 3Q 2021 with declines in Europe -6.3%, offset by ACIS +17.0%, NAFTA +2.5% and Brazil +0.3%.
Sales in 3Q 2022 were $19.0 billion as compared to $22.1 billion for 2Q 2022 and $20.2 billion for 3Q 2021. As compared to 2Q 2022, the -14.3% decrease in sales was primarily due to lower average steel selling prices (-11.3%), lower steel shipment volumes and lower iron ore reference prices (-24.8%). Sales in 3Q 2022 were -6.2% lower as compared to 3Q 2021 primarily due to lower steel shipments (-7.1%) and lower iron ore reference prices (-36.5%).
Depreciation for 3Q 2022 was $628 million as compared to $669 million for 2Q 2022 and $590 million in 3Q 2021. Depreciation was lower in 3Q 2022 than 2Q 2022 primarily due to foreign exchange impacts.
Exceptional items for 3Q 2022 of $0.4 billion includes $0.5 billion of non-cash inventory related charges to reflect the net realizable value of inventory under IFRS with declining market prices in Europe and partially offset by a $0.1 billion purchase gain on the acquisition of a Hot Briquetted Iron (‘HBI’) plant in Texas. There were no exceptional items for 2Q 2022. Exceptional items for 3Q 2021 of $123 million related to expected costs for the decommissioning of the dam at the Serra Azul mine in Brazil.
Operating income for 3Q 2022 was $1.7 billion as compared to $4.5 billion in 2Q 2022 and $5.3 billion for 3Q 2021, reflecting negative price-cost effects, lower volumes, higher energy costs and impacted by exceptional items as discussed above.
Income from associates, joint ventures and other investments9 for 3Q 2022 was $59 million as compared to $578 million for 2Q 2022 and $778 million in 3Q 2021. 3Q 2022 includes lower contribution from AMNS Calvert5 impacted by a negative price-cost effect and with lagged cost of slab inventory that does not reflect prevailing slab market prices, AMNS India4 (negative price-cost effects) and European investees impacted by negative price-cost effects. 2Q 2022 income from associates, joint ventures and other investments included $0.1 billion income for Acciaierie d'Italia arising from recognition of a deferred tax asset.
Net interest expense in 3Q 2022 was $37 million as compared to $53 million in 2Q 2022 and lower than $62 million in 3Q 2021, reflecting higher gains from interest income.
Foreign exchange and other net financing losses in 3Q 2022 were $247 million as compared to losses of $183 million in 2Q 2022 and $339 million in 3Q 2021. 3Q 2022 includes foreign exchange loss of $108 million compared to $152 million in 2Q 2022 and a gain of $22 million in 3Q 2021.
ArcelorMittal recorded an income tax expense of $371 million (including deferred tax benefit of $23 million) in 3Q 2022, lower as compared to an income tax expense of $826 million (including deferred tax benefit of $74 million) in 2Q 2022 due to lower taxable results. Income tax expense in 3Q 2021 was $882 million (including deferred tax benefit of $56 million).
ArcelorMittal recorded a net income for 3Q 2022 of $993 million as compared to a net income for 2Q 2022 of $3,923 million, and net income of $4,621 million for 3Q 2021. ArcelorMittal's basic earnings per common share for 3Q 2022 was lower at $1.11 as compared to $4.25 in 2Q 2022 and $4.17 in 3Q 2021.
* NAFTA steel shipments include shipments sourced by NAFTA from Group subsidiaries and sold to the Calvert JV that are eliminated on consolidation.
NAFTA segment crude steel production increased by +4.1% to 2.1Mt in 3Q 2022, as compared to 2.0Mt in 2Q 2022 (which had been negatively impacted by labour actions in Mexico and maintenance in Canada). Crude steel production in 3Q 2022 increased by +6.6% as compared to 3Q 2021 which had been impacted by operational disruptions (including the impact of hurricane Ida) in Mexico.
Steel shipments in 3Q 2022 decreased -4.6% to 2.3Mt, as compared to 2.5Mt in 2Q 2022 due to weaker demand, and increased by +2.6% as compared to 3Q 2021 which had been impacted by the factors discussed above.
Sales in 3Q 2022 decreased by -5.9% to $3.4 billion, as compared to $3.7 billion in 2Q 2022 primarily on account of lower average steel selling prices (-9.6%) and lower steel shipment volumes, partly offset by the scope effect of ArcelorMittal Texas HBI (consolidated as from June 30, 2022). Sales were stable in 3Q 2022 as compared to 3Q 2021 at $3.4 billion primarily on account of lower average steel selling prices (-8.6%) offset by higher steel shipment volumes (+2.6%) and the scope effect of ArcelorMittal Texas HBI.
Exceptional items for 3Q 2022 of $0.1 billion are the purchase gain on the acquisition of the HBI plant in Texas.
Operating income in 3Q 2022 declined -24.5% to $616 million as compared to $817 million in 2Q 2022 and -33.4% lower as compared to $925 million in 3Q 2021.
EBITDA in 3Q 2022 of $638 million was -29.9% lower as compared to $910 million in 2Q 2022, primarily due to a negative price-cost effect and the impact of lower steel shipments. The newly acquired HBI plant in Texas contributed $31 million in EBITDA during 3Q 2022. 2Q 2022 was impacted negatively by $0.1 billion from labor action in Mexico. EBITDA in 3Q 2022 was -35.9% lower as compared to $995 million in 3Q 2021 mainly due to a negative price-cost effect.
Brazil segment crude steel production decreased by -3.8% to 3.0Mt in 3Q 2022 as compared to 3.1Mt in 2Q 2022 and -4.6% as compared to 3Q 2021.
Steel shipments of 2.8Mt in 3Q 2022 were -5.5% lower as compared to 3.0Mt at 2Q 2022, primarily due to lower exports, but stable as compared to 3Q 2021.
Sales in 3Q 2022 decreased by -12.5% to $3.5 billion as compared to $4.0 billion in 2Q 2022, primarily due to -7.8% decrease in average steel selling prices. Sales in 3Q 2022 were -3.3% lower than $3.6 billion at 3Q 2021 primarily on account of lower average steel selling prices (-4.9%).
Operating income in 3Q 2022 of $598 million was lower as compared to $1,201 million in 2Q 2022 and $1,164 million in 3Q 2021. Operating income in 3Q 2021 was impacted by exceptional items of $123 million related to expected costs for the decommissioning of the dam at the Serra Azul mine in Brazil.
EBITDA in 3Q 2022 decreased by -48.5% to $655 million as compared to $1,272 million in 2Q 2022, primarily due to a negative price-cost effect, lower steel shipments and negative forex translation impact ($0.1 billion) while 2Q 2022 also benefited from a gain of $0.2 billion related to Pis/Cofins tax credits from prior years for scrap purchases17. EBITDA in 3Q 2022 was -51.3% lower than $1,346 million in 3Q 2021 primarily due to negative price-cost effect.
Europe segment crude steel production declined by -3.2% to 8.0Mt in 3Q 2022 as compared to 8.3Mt in 2Q 2022. Production was -12.0% lower as compared to 9.1Mt in 3Q 2021 given significantly lower apparent demand and curtailed production in light of higher energy prices. Given the weaker macroeconomic conditions and order book, high energy and carbon costs and rising imports, the Company announced further, more significant, production curtailments commencing in 4Q 2022 (in France, Spain, Germany and Poland)21 to bring supply in line with addressable demand.
Steel shipments declined by -11.1% to 7.1Mt in 3Q 2022 as compared to 8.0Mt in 2Q 2022 due to seasonality and lower demand. Shipments declined by -6.2% as compared to 7.6Mt in 3Q 2021 primarily due to weaker apparent demand.
Sales in 3Q 2022 decreased by -20.5% to $10.7 billion, as compared to $13.4 billion in 2Q 2022, due to a -11.1% reduction in steel shipments and -11.0% lower average selling prices (including a -5.5% negative forex translation impact). Sales declined by -4.8% as compared to 3Q 2021 primarily due to lower steel shipments offset in part by higher average steel selling prices (+4.7%).
Exceptional items for 3Q 2022 of $473 million relate to non-cash inventory charges to reflect the net realizable value of inventory under IFRS with declining market prices.
Operating income in 3Q 2022 significantly declined to $158 million as compared to $2,063 million in 2Q 2022 and lower than $1,925 million in 3Q 2021.
EBITDA in 3Q 2022 of $931 million declined significantly as compared to $2,389 million in 2Q 2022, due to the impacts of lower steel shipments, negative price-cost effect, higher energy costs (approximately $0.3 billion higher compared to 2Q 2022, with higher market prices partially offset by hedges in place) and negative forex translation impact ($0.1 billion).
ACIS segment crude steel production in 3Q 2022 was +46.0% higher at 1.8Mt as compared to 1.3Mt in 2Q 2022 primarily due to the recovery in South Africa following the impact from a 2-week labour action and logistic issues in the prior quarter. Crude steel production in 3Q 2022 was -38.9% below 3.0Mt in 3Q 2021 primarily due to lower steel production in Ukraine due to the ongoing war.
One of the three blast furnaces in Ukraine, blast furnace No.6 which is approximately 20% of Kryvyi Rih capacity, was restarted on April 11, 2022. During 3Q 2022, iron ore production was temporarily suspended due to weaker demand and logistic constraints (versus ~55% capacity rate in 2Q 2022) and has restarted in early October 2022 at ~25% level.
Steel shipments in 3Q 2022 increased by +37.6% to 1.7Mt as compared to 1.2Mt in 2Q 2022 primarily due to higher exports from Kazakhstan. Shipments were -29.2% lower as compared to 2.4Mt in 3Q 2021, primarily in Ukraine due the ongoing war.
Sales in 3Q 2022 increased by +5.7% to $1.6 billion as compared to $1.5 billion in 2Q 2022, primarily due to higher steel shipments, offset in part by -16.5% lower average steel selling prices.
Operating loss in 3Q 2022 of $55 million compared to an operating income of $43 million in 2Q 2022 and $808 million in 3Q 2021.
EBITDA of $38 million in 3Q 2022 was lower as compared to $149 million in 2Q 2022, primarily due to lower average steel selling prices (-16.5%) offset in part by higher steel shipments. 2Q 2022 had also been impacted by higher costs including labour action and logistic issues in ArcelorMittal South Africa ($0.1 billion). EBITDA in 3Q 2022 was lower as compared to $920 million in 3Q 2021 due to lower steel shipments (-29.2%) and lower average steel selling prices (-10.5%).
Note: Mining segment comprises iron ore operations of ArcelorMittal Mines Canada and ArcelorMittal Liberia.
Iron ore production decreased in 3Q 2022 by -5.3% to 6.9Mt as compared to 7.3Mt in 2Q 2022, but marginally higher than 6.8Mt in 3Q 2021. Lower production in 3Q 2022 as compared to 2Q 2022 was primarily due to lower production in AMMC6 mainly due to impacts of exceptionally heavy rains in September 2022.
Iron ore shipments decreased in 3Q 2022 by -8.4% to 6.9Mt as compared to 7.5Mt in 2Q 2022, primarily driven by the impact of lower production on shipments at AMMC. 3Q 2022 iron ore shipments were stable as compared to 3Q 2021.
Operating income in 3Q 2022 was $254 million as compared to $463 million in 2Q 2022 and $741 million in 3Q 2021.
EBITDA in 3Q 2022 decreased to $311 million as compared to $527 million in 2Q 2022, largely reflecting the effect of lower iron ore reference prices (-24.8%), lower quality premia and lower shipments (-8.4%), offset in part by lower freight costs. EBITDA in 3Q 2022 was lower as compared to $797 million in 3Q 2021, primarily due to lower iron ore reference prices (-36.5%) and lower quality premia.
ArcelorMittal has investments in various joint ventures and associate entities globally. The Company considers the Calvert (50% equity interest) and AMNS India (60% equity interest) joint ventures to be of particular strategic importance, warranting more detailed disclosures to improve the understanding of their operational performance and value to the Company.
* Production: all production of the hot strip mill including processing of slabs on a hire work basis for ArcelorMittal group entities and third parties, including stainless steel slabs.
** Shipments: including shipments of finished products processed on a hire work basis for ArcelorMittal group entities and third parties, including stainless steel products.
*** EBITDA of Calvert presented here on a 100% basis as a stand-alone business and in accordance with the Company's policy, applying the weighted average method of accounting for inventory.
Calvert’s hot strip mill ("HSM") production during 3Q 2022 decreased by -6.4% to 1.1Mt, as compared to 2Q 2022 and by -14.9% as compared to 1.2Mt in 3Q 2021.
Steel shipments in 3Q 2022 were -8.3% below 2Q 2022 due to weaker demand.
EBITDA*** during 3Q 2022 of $2 million was significantly lower than $261 million in 2Q 2022 primarily due to negative price-cost effect resulting from the decline in sales prices for non-contract volumes while cost continues to be impacted by the lagged cost of slabs and inventory that does not reflect the prevailing market prices. The impact of weighted average cost of inventories versus replacement cost in 3Q 2022 was approximately $0.2 billion.
Crude steel production in 3Q 2022 was stable at 1.7Mt as compared to 2Q 2022 but -12.1% lower as compared to 1.9Mt in 3Q 2021 on account of maintenance.
Steel shipments in 3Q 2022 increased by +8.2% to 1.6Mt as compared to 1.5Mt in 2Q 2022 but lower as compared to 1.8Mt in 3Q 2021.
EBITDA during 3Q 2022 of $204 million was lower compared to $365 million in 2Q 2022, due to lower selling prices, higher coal costs and lower pellet sales contribution (following the introduction of the export duty during the prior quarter) offset in part by higher steel shipments.
Net cash provided by operating activities for 3Q 2022 was $1,981 million as compared to $2,554 million in 2Q 2022 and $2,442 million in 3Q 2021. Net cash provided by operating activities in 3Q 2022 includes a working capital investment of $580 million as compared to investments of $1,008 million in 2Q 2022 and $2,896 million in 3Q 2021. 3Q 2022 working capital requirements were driven primarily by the lagged effects of higher raw material costs and higher energy costs on steel inventories. Based on current market conditions, the Company expects a working capital release in 4Q 2022.
Capex in 3Q 2022 amounted to $784 million compared with $655 million in 2Q 2022 and $675 million in 3Q 2021. Full year 2022 capex guidance has been reduced to $3.5 billion (from $4.2 billion previous guidance) implying 4Q 2022 capex of ~$1.5 billion. The reduction in capex guidance reflects some moderate delays to certain strategic and decarbonization spending plans due to project mobilization/contractors but these are now accelerating. There has also been a $0.2 billion reduction from foreign exchange effects relative to initial 2022 budget. Sustaining capex is expected to increase in 4Q 2022 (although the full year 2022 amount is lower than previous guidance) as the Company capitalizes on a period of lower production and prepares for anticipated future stronger apparent demand. Full year 2023 capex plans and guidance will be provided at full year 2022 results in February 2023, but 2H 2022 run rate levels are a good base-line for full year 2023. Given the previously announced strategic pipeline ($3.65 billion for 3 years) the Company expects strategic projects capex in 2023 to be higher than full year 2022 ($0.7 billion). Decarbonization capex spending is expected to accelerate in full year 2023 versus the $0.2 billion in full year 2022.13
Net cash used in other investing activities in 3Q 2022 was $19 million mainly related to investment in Form Energy Inc. (through the XCarbTM innovation fund), as compared to $886 million in 2Q 2022 (primarily related to the acquisition of the HBI plant, Texas). Net cash provided by other investing activities in 3Q 2021 of $1,184 million included a cash inflow primarily related to the redemption of preferred shares of Cleveland Cliffs.
Net cash used in financing activities in 3Q 2022 was $219 million as compared to $1,651 million in 2Q 2022 and $2,740 million in 3Q 2021. In 3Q 2022, ArcelorMittal raised a €600 million 4 year note which was offset by the repurchase of 31 million shares for a total value of $712 million (of which $649 million was paid by the end of September 2022 and $63 million settled in early October 2022) and paid minority dividends of $124 million mainly paid to minority shareholders of AMMC.
Gross debt increased to $9.0 billion as of September 30, 2022, as compared to $8.8 billion as of June 30, 2022, and $8.4 billion as of December 31, 2021. Net debt decreased by $0.3 billion to $3.9 billion as of September 30, 2022, as compared to $4.2 billion as of June 30, 2022, and decreased by $0.1 billion from $4.0 billion as of December 31, 2021.
As of September 30, 2022, and June 30, 2022, the Company had liquidity of $10.6 billion and $10.1 billion, respectively. As of September 30, 2022, liquidity consisted of cash and cash equivalents of $5.1 billion (June 30, 2022, cash and cash equivalents of $4.6 billion) and $5.5 billion of available credit lines7. As of September 30, 2022, the average debt maturity was 5.5 years.
Following the completion of its previously announced share buyback plans (totaling 65.1 million shares in 1H 2022), the Company announced a new share buyback program on July 29, 2022 to purchase a further 60 million shares by the end of May 2023. This is the maximum shares purchasable under current shareholder authorization. Pursuant to this program, the Company repurchased ~31 million shares at a cost of $0.7 billion during the third quarter of 2022.
The Company has adapted its capacity for 4Q 2022 to address the weak apparent demand environment and higher energy costs, particularly in Europe. Apparent demand conditions are expected to improve once the current destocking phase reaches maturity. The Company is adapting its cost base during this period of low capacity utilization, optimizing energy consumption and reducing fixed costs of unproductive capacity. At current spot levels, variable costs per tonne (raw materials and energy) are expected to decline in the 4Q 2022, but less than revenue per tonne. Working capital is believed to have peaked, and the unwind expected from 4Q 2022 and into 2023 is expected to support free cash flow.
The Company expects to mitigate some of the fixed costs of idled capacity during 4Q 2022 i.e. utilize economic unemployment support from governments; reduced working hours etc.
Based on the slowing real demand outlook and supply chain destocking, ArcelorMittal expects the following demand by key region:
ArcelorMittal Condensed Consolidated Statement of Financial Position1
ArcelorMittal Condensed Consolidated Statement of Operations1
ArcelorMittal Condensed Consolidated Statement of Cash flows1
Appendix 1: Product shipments by region1,2
Note: “Others and eliminations” are not presented in the table
Note: “Others” are not presented in the table
Appendix 3: Debt repayment schedule as of September 30, 2022
Appendix 4: Reconciliation of gross debt to net debt
Unless indicated otherwise, or the context otherwise requires, references in this earnings release to the following terms have the meanings set out next to them below:
Apparent steel consumption: calculated as the sum of production plus imports minus exports.
Average steel selling prices: calculated as steel sales divided by steel shipments.
Cash and cash equivalents: represents cash and cash equivalents, restricted cash, and short-term investments.
Capex: represents the purchase of property, plant and equipment and intangibles.
Crude steel production: steel in the first solid state after melting, suitable for further processing or for sale.
Depreciation: refers to amortization and depreciation.
EPS: refers to basic or diluted earnings per share.
EBITDA: operating results plus depreciation and exceptional items.
EBITDA/tonne: calculated as EBITDA divided by total steel shipments.
Exceptional items: income / (charges) relate to transactions that are significant, infrequent or unusual and are not representative of the normal course of business of the period.
Foreign exchange and other net financing income / (loss): include foreign currency exchange impact, bank fees, interest on pensions, impairment of financial assets, revaluation of derivative instruments and other charges that cannot be directly linked to operating results.
Free cash flow (FCF): refers to net cash provided by operating activities less capex less dividends paid to minority shareholders
Gross debt: long-term debt and short-term debt.
Iron ore reference prices: refers to iron ore prices for 62% Fe CFR China.
Kt: refers to thousand metric tonnes.
Liquidity: cash and cash equivalents plus available credit lines excluding back-up lines for the commercial paper program.
LTIF: lost time injury frequency rate equals lost time injuries per 1,000,000 worked hours, based on own personnel and contractors.
Mt: refers to million metric tonnes.
Net debt: long-term debt and short-term debt less cash and cash equivalents.
Net debt/LTM EBITDA: refers to Net debt divided by EBITDA.
Net interest expense: includes interest expense less interest income
Operating results: refers to operating income/(loss).
Operating segments: NAFTA segment includes the Flat, Long and Tubular operations of Canada, Mexico; and also includes all Mexico mines. The Brazil segment includes the Flat, Long and Tubular operations of Brazil and its neighboring countries including Argentina, Costa Rica, Venezuela; and also includes Andrade and Serra Azul captive iron ore mines. The Europe segment includes the Flat, Long and Tubular operations of the European business, as well as Downstream Solutions, and also includes Bosnia and Herzegovina captive iron ore mines. The ACIS segment includes the Flat, Long and Tubular operations of Kazakhstan, Ukraine and South Africa; and also includes the captive iron ore mines in Ukraine and iron ore and coal mines in Kazakhstan. Mining segment includes iron ore operations of ArcelorMittal Mines Canada and ArcelorMittal Liberia.
Own iron ore production: includes total of all finished production of fines, concentrate, pellets and lumps and includes share of production.
Price-cost effect: a lack of correlation or a lag in the corollary relationship between raw material and steel prices, which can either have a positive (i.e., increased spread between steel prices and raw material costs) or negative effect (i.e., a squeeze or decreased spread between steel prices and raw material costs).
Shipments: information at segment and group level eliminates intra-segment shipments (which are primarily between Flat/Long plants and Tubular plants) and inter-segment shipments respectively. Shipments of Downstream Solutions are excluded.
STIP: refers to short term incentive plan.
LTIP: refers to long term incentive plan.
Working capital change (working capital investment / release): Movement of change in working capital - trade accounts receivable plus inventories less trade and other accounts payable.
Third quarter 2022 earnings analyst conference call
ArcelorMittal management will host a conference call for members of the investment community to present and comment on the three-month and nine-month period ended September 30, 2022 on: Thursday November 10, 2022 at 9.30am US Eastern time; 14.30pm London time and 15.30pm CET.
Join the call via telephone using the participant code 7995055# or alternatively use the live audio webcast link.
https://interface.eviscomedia.com/player/1148/
Please visit the results section on our website to listen to the reply once the event has finished https://corporate.arcelormittal.com/investors/results
This document may contain forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words “believe”, “expect”, “anticipate”, “target” or similar expressions. Although ArcelorMittal’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal’s securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the “SEC”) made or to be made by ArcelorMittal, including ArcelorMittal’s latest Annual Report on Form 20-F on file with the SEC. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.
ArcelorMittal is one of the world's leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 16 countries. In 2021, ArcelorMittal had revenues of $76.6 billion and crude steel production of 69.1 million metric tonnes, while iron ore production reached 50.9 million metric tonnes.
Our goal is to help build a better world with smarter steels. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. This is what we believe it takes to be the steel company of the future.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/
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