The company had a chance to increase profits, but the coronavirus prevented it, completely destroying the market.
- ArcelorMittal revenues were $ 14.844 billion.
- EBITDA decreased to USD 967 million.
- On a net level, the company suffered losses of $ 1.12 billion.
Although the company’s revenue in the first quarter of last year was $ 19.188 billion, this year it fell to $ 14.844 billion. Steel and iron ore sales volumes declined to a much lesser extent. They decreased from 21.8 million tons to 19.5 million tons and from 9.2 million tons to 8.6 million tons, respectively.
EBITDA declined year on year from $ 1.652 billion to $ 967 million. Net income of $ 414 million changed to a loss of $ 1.12 billion, of which almost half is the result of one-off events.
Lakshmi N. Mittal, President of ArcelorMittal, commented on the results that the company had to adapt its operations to “an unprecedented scenario in which we are dealing with a socio-economic blockade that led to a significant decrease in demand.” The company was forced to temporarily shut down some of the furnaces and reduce the mill’s production, as well as reduce operating and capital costs.