Key figures for FY 2019


  • Against a challenging market backdrop in 2019, ArcelorMittal generated $2.4bn free cash flow (net cash provided by operating activities of $6.0bn less capex of $3.6bn) and reported a net loss of $2.5bn (adjusted net income of $0.3bn, excluding impairment and exceptional items)
  • Ended the year with gross debt of $14.3bn and net debt of $9.3bn (the lowest level since the merger); targeting achievement of the $7bn net debt objective by end of 2020
  • Achieved further $0.4bn of Action2020 gains, with identified new cost improvement opportunities totalling $1bn to be targeted in 2020
  • Completed the acquisition of Essar Steel India in partnership with Nippon Steel

Outlook for 2020

  • There are signs that the real demand slowdown is beginning to stabilise, and the supportive inventory environment means that we expect apparent steel consumption in our core markets to grow in 2020
  • Certain cash needs of the business expected to be approximately $4.5bn (vs. $5.0bn in 2019, primarily due to lower planned capex)

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

“2019 was a very tough year, clearly reflected in our significantly reduced profitability. However, our cash generation remained strong helping to reduce net debt to the lowest ever level. This demonstrates the contribution of our Action2020 programme which was designed to ensure ArcelorMittal can be cash flow positive through all aspects of the steel cycle. We expect to make further deleveraging progress this year." Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO