Key figures for 1Q 2021

1Q 2021 Key Highlights:

  • Health and safety performance: Protecting the health and wellbeing of employees remains the Company’s overarching priority; LTIF rate of 0.78x in 1Q 20212
  • Significantly improved operating performance in 1Q 2021, reflecting the continued demand recovery which supported a 6.5% sequential increase in steel shipments (to 16.5Mt vs. scope adjusted3 5Mt in 4Q 2020), the continued positive evolution of steel spreads, and the benefits of iron ore vertical integration
  • 1Q 2021 operating income of $2.6bn vs. $2.0bn4 in 4Q 2020. EBITDA of $3.2bn in 1Q 2021, 88% higher than 4Q 2020 EBITDA of $1.7bn (vs. $1.0bn in 1Q 2020), represents the strongest quarter in a decade
  • Share of JV and associates net income of $0.5bn19 reflects strong performance at AMNS India and AMNS Calvert
  • Net income of $2.3bn in 1Q 2021 as compared to net income of $1.2bn and adjusted net income of $0.2bn in 4Q 20205
  • The Company delivered $0.3bn of free cash flow ($1.0bn net cash provided by operating activities less capex of $0.6bn less $0.1bn dividends paid to minorities) despite a $1.6bn investment in working capital, reflecting seasonal as well as market factors
  • Gross debt declined to $11.4bn (vs. $12.3bn end 2020) and net debt declined to $5.9bn (vs. $6.4bn end 2020)
  • XCarb™ launched, bringing together all of ArcelorMittal’s reduced, low and zero-carbon products and steelmaking activities, as well as wider initiatives and green innovation projects, into a single effort focused on achieving demonstrable progress towards carbon neutral steel. Additionally, during the quarter ArcelorMittal detailed concept plans to dramatically reduce CO2 emissions in Germany and in France, utilizing hydrogen-DRI and EAF steel-making technologies
  • Following the formation of a public-private partnership with Invitalia, ArcelorMittal Italia will be deconsolidated as of 2Q 2021. The new company, "Acciaierie d’Italia" will operate independently, with its own funding plans
  • The Company completed a $650m share buyback in 1Q 2021 following the partial sell-down of its equity stake in Cleveland Cliffs. Per its new policy21, a further $570m of capital is being returned to shareholders through a further share buyback program linked to free cash flow generated in 2020 (ongoing and to be completed by year end) and a $0.30/share base dividend will be paid in June 2021, subject to the approval of shareholders at the AGM

Financial highlights (on the basis of IFRS[1]):

“The first quarter of this year has been our strongest in a decade. While this is naturally a very welcome development following a highly challenging 2020, we are mindful that Covid continues to be a health challenge across the world especially in developing economies. Nowhere is this more obvious at present than in India, where we have our AM/NS India JV with Nippon Steel. Our colleagues in India are sending support wherever we can, including providing daily amounts of oxygen from our sites to local hospitals and setting up temporary medical facilities. Our thoughts are with the people of India as they strive to bring this situation under control.” Mr. Aditya Mittal, ArcelorMittal Chief Executive Officer