However environmental improvements other than those necessary to increase production efficiency have been painfully slow. The company has benefited from eleven IFI loans during the last ten years details below.
Is this the type of beneficiary that the architects of low-interest development loans had in mind when they set up the IFIs? As in the previous year, ArcelorMittal was again one of the candidates for the worst EU lobby award. More on our blog. The company claims to have implemented the environmental and health and safety improvements for which it received IFI loans at its Temirtau mining complex.
But many accidents and deaths are still happening in the mines and ArcelorMittal is reluctant to disclose documents and proof about the alleged improvements.
Read more. In the wake of ArcelorMittal Study May 13, ArcelorMittal: Going nowhere slowly Study May 12, In the Global Action on ArcelorMittal coalition was formed by community and environmental groups from various countries where ArcelorMittal operates its steel mills and mines. ArcelorMittal annual report pdf. No-one who has driven between Bloemfontein and Johannesburg could fail to have noticed the haze, stench and massive steelworks near the motorway.
But Amsa is not the only polluter in the area. Sasol, Eskom power stations and, in winter, household coal fires also contribute to the horrible air quality. Hundreds of people are expected to attend a protest against illegal levels of air pollution from the local ArcelorMittal steelmill this Friday afternoon. The action has been organized through social media and is supported by local NGOs Dosta! With the EBRD due to sign off on its new mining strategy in November this year, 22 MEPs have pointed out in an open letter to European commissioners that given the state of the policy draft the bank risks contradicting the EU Resource Efficiency Roadmap and responsible mining principles.
Video testimonies can also be seen on our website. The content of this website is the sole responsibility of CEE Bankwatch Network and can under no circumstances be regarded as reflecting the position of the European Union. Your personal data collected on the website is governed by the present Privacy Policy. The loss in 4Q was primarily driven by the minority share of losses at ArcelorMittal South Africa offset in part by minority share of net income in ArcelorMittal Mines Canada.
Increase hot dipped galvanizing HDG capacity by 0. Capacity of 1. The ramp-up of expanded capacity at AMMC hit a run-rate of 24mt by year end Ongoing projects refer to projects for which construction has begun excluding various projects that are under development , or have been placed on hold pending improved operating conditions.
The Phase 2 expansion of the Liberia project to a production capacity of 15 million tonnes per annum sinter feed is underway. The first sinter feed production is expected at the end of , replacing the Phase 1 - 4 million tonnes per annum direct-shipped operation. Implementation of the ERP is now underway with a goal to reach a 3. During 3Q , the Company restarted the construction of a heavy gauge galvanizing line 6 capacity ktpy at Dofasco. On completion of this project in , the older and smaller galvanizing line 2 capacity ktpy will be closed.
The project is expected to benefit EBITDA through increased shipments of galvanized product ktpy , improved mix and optimized costs. During 2Q , the Company restarted its Monlevade expansion project in Brazil. This part of the overall investment is expected to be finished in A decision whether to invest in Phase 2 of the project, focusing on the upstream facilities in Monlevade sinter plant, blast furnace and meltshop , will be taken at later date.
The project is expected to take up to 24 months to build, with operations expected to start in two years. The project involves the construction of state of the art pickling line tandem CRM 1. Flat Carbon Americas crude steel production decreased by 1. Steel shipments in 4Q were 5. Flat Carbon Europe crude steel production in 4Q was flat as compared to 3Q at 7.
Steel shipments in 4Q were 6. Long Carbon Americas and Europe crude steel production decreased by 2. Sales in the Long Carbon Americas and Europe segment increased 4. Steel shipments in 4Q amounted to 3. Shipments in the Distribution Solutions segment in 4Q were 4. Own iron ore production not including supplies under strategic long-term contracts in 4Q was Shipments at market price increased 9. Shipments at market price in 4Q were Own coal production not including supplies under strategic long-term contracts in 4Q was 2.
Rotation days[27] decreased during 4Q to 57 days from 62 days in 3Q primarily driven by lower trade receivables. The Company continues to focus primarily on core growth capital expenditures in its franchise businesses. While most planned steel investments remain suspended, the Company has selectively restarted some of its capital expenditure projects to support the development of franchise steel businesses.
The Company completed amendments to two credit facilities on November 26, At December 31, , the average debt maturity was 6. The main effects for ArcelorMittal are related to the change in financial assumptions such as the increase of discount rates used to calculate the pension defined benefit obligation DBO , Other Post-Employment Benefits OPEB and early retirement obligations, combined with the higher returns on plan assets.
Action plans and detailed targets have been set at the various business units and progress will be monitored and reported upon in future quarters.
The Group is targeting cost savings related to reliability, fuel rate, yield and productivity with two thirds of costs targeted being variable costs. Subject to shareholder approval at the next annual general meeting in May , this dividend will be paid in July Once the deleveraging plan is complete and market conditions improve, the Board intends to progressively increase the dividend.
On January 21, , ArcelorMittal announced that it had entered into amendments to two of its principal credit facilities on November 26, This amendment to the MCB, which is mandatorily convertible into preferred shares of such subsidiary, was executed on January 16, The mandatory conversion date of the bond has been extended to January 29, The other main features of the MCB remain unchanged.
The bond was placed privately with a Luxembourg affiliate of Credit Agricole Corporate and Investment Bank and is not listed. The subsidiary has simultaneously executed amendments providing for the extension of the outstanding notes into which it invested the proceeds of the bond issuance, which are linked to shares of the listed companies Eregli Demir Va Celik Fab.
On December 11, , ArcelorMittal announced changes to its organisational structure which has a higher geographical focus. The principal benefits of the changes will be reduced organisational complexity and layers; simplification of processes; regional synergies and taking advantage of the scale of ArcelorMittal within the regions - flat, long and distribution solutions working together to improve results within the three regions Europe, Americas, ACIS. The Company expects to close the transaction during the second quarter of subject to regulatory approvals.
The transaction is expected to be financed through a combination of equity and debt at the joint venture level. The transaction includes a six-year agreement to purchase two million tonnes of slab annually from TK CSA, an integrated steel mill complex located in Rio de Janeiro, Brazil, using a market-based price formula. TK CSA has an option to extend the agreement for an additional three years on terms that are more favourable to the JV, as compared with the initial time period.
ArcelorMittal will be responsible for marketing the product on behalf of the JV. The price ArcelorMittal will receive for its slabs will be determined by the volume, price and cost performance of the JV. Furthermore, the Company announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act HSR terminated on January 29, with respect to this acquisition The termination of the HSR waiting period satisfies one of the conditions to the closing of the acquisition.
Subject to the satisfaction of other customary conditions including the receipt of additional regulatory approvals as to the receipt of which no assurances can be given the acquisition is expected to close during the first quarter of Accordingly, the Company classified the related assets and liabilities as held for sale at December 31, The Company expects to complete this sale in The key assumptions behind this framework are discussed below.
Based on the current economic outlook, ArcelorMittal expects global apparent steel consumption "ASC" to increase by approximately 3. ArcelorMittal expects the pick-up in European manufacturing activity in the second half of "2H " to continue in and to support ASC growth of approximately 1. In the US, ArcelorMittal expects continued positive economic momentum, including an uptick in non-residential construction, to support ASC growth of 3.
While there remain risks to the global demand picture, ArcelorMittal expects the fundamentals, particularly in our key markets in the developed world, to be more supportive in than in Mining volumes are expected to increase now that the expanded capacity at ArcelorMittal Mines Canada reached its full ramp up rate in December The working assumption behind the EBITDA guidance is an average iron ore price inline with current market consensus expectations i.
Consists of a long-term supply contract with Cleveland Cliffs for purchases made at a previously set price, adjusted for changes in certain steel prices and inflation factors.
Prices for purchases under the July interim agreement with Kumba as extended and amended several times have been on a fixed-cost basis since March 1, The agreement, which become effective as of January 1, , allows ArcelorMittal South Africa to purchase up to 6. This volume of 6. The agreement settles various disputes between the parties. The price-cost variance is a combination of the selling price and cost variance.
Others primarily represents foreign exchange. While the interim financial information included in this announcement has been prepared in accordance with IFRS applicable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, "Interim Financial Reporting".
The numbers in this press release have not been audited. The financial information and certain other information presented in a number of tables in this press release have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column.
In addition, certain percentages presented in the tables in this press release reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers.
Prior period information has been adjusted retrospectively for the mandatory adoption of these new standards and interpretations except for IFRS 13 which is applied only prospectively. Following the changes, the previously unrecognized actuarial gains and losses on pension liabilities are recorded in the statements of financial position in full against equity. It means that the previously unrecognized actuarial gains and losses are no longer recorded over time against profit and loss following the then allowed "corridor approach".
All future actuarial gains and losses will also be immediately recognized in other comprehensive income OCI. Shipments of raw materials that do not constitute market priced tonnes are transferred internally and reported on a cost-plus basis.
The agreement, which became effective as of January 1, , allows ArcelorMittal South Africa to purchase up to 6. This agreement settled various disputes between the parties. Project implementation did not follow the originally anticipated schedule after initial phase studies and related investments. The Company engaged in discussions with the State of Senegal about the project over a long period. In early , the parties engaged in a conciliation procedure, as provided for under their agreement, in an attempt to reach a mutually acceptable outcome.
In September , the arbitral tribunal issued its first award, ruling that Senegal is entitled to terminate the agreements. The arbitral tribunal also ruled that a new arbitration phase will be held relating to the potential liability of ArcelorMittal as well as the amount of any damages which could be awarded to Senegal. The arbitral tribunal has set the procedural timetable for the new phase leading to oral hearings in the fall of ArcelorMittal will vigorously defend against any claims made for damages in this new phase of the arbitration.
Since it is now considered improbable that the project will be implemented, ArcelorMittal impaired the entire amount of the investment made up to September 30, ArcelorMittal completed exploratory works and a feasibility study in , which showed only a limited viability of the project.
As a result, the parties terminated the agreement and ArcelorMittal has impaired the entire amount of the investment made up to December 31, This weaker demand environment and expectations that it will persist over the near and medium term, led to a downward revision of cash flow expectations underlying the valuation of the European businesses to which goodwill had been allocated.
Employees at Dofasco have been transitioned from an existing defined benefit pension plan to a new defined contribution pension plan. Changes to health and dental benefits resulted in an increase in the portion of the cost of health benefits borne by participants in the plans. Prior to the sale, ArcelorMittal owned ,, Shares, representing approximately Following completion of the sale, ArcelorMittal holds approximately ArcelorMittal has agreed to a day lock-up period on its remaining stake in Erdemir.
The determinant of whether internal sales are reported at market price or cost-plus is whether the raw material could practically be sold to third parties i. Days of accounts payable and inventory are a function of cost of goods sold of the quarter on an annualized basis. Days of accounts receivable are a function of sales of the quarter on an annualized basis. The purchase price was split with EUR million payable at closing, and the remaining portion deferred for up to two years.
Taking into account acquisition cost net of dividends received, the disposal of the Press release PDF. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: ArcelorMittal S. Krot told the man. Angela Simmons caught fans by surprise on Jan. In the Instagram post, the year-old […]. Republican Sen. Roger Marshall Kan. The Fauci Act would require the Office of Government The city council has […].
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Close this content. Read full article. February 7, , AM. Story continues. In millions of U. Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting. Recommended Stories. Atlanta Black Star. The Hill. Yahoo Life. The Daily Beast. Women's Health. The Telegraph. Entertainment Weekly. Miami Herald. Basic loss per share USD.
Own iron ore production Mt. Iron ore shipments at market price Mt. Crude steel production Mt. US Eastern time. Toll free dial in numbers. Local dial in numbers. A replay of the conference call will be available for one week by dialing:. Access code. Contact information ArcelorMittal Investor Relations. ArcelorMittal Corporate Communications.
Maitland Consultancy: Martin Leeburn. Own personnel and contractors - Frequency Rate. Lost time injury frequency rate. Total Mines.
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