ArcelorMittal 4Q Sales Hit by Lower Steel Demand Due to Pandemic --
Commodity Comment 10:44 am ET February 11, 2021 (Dow Jones)
Luxembourg-based steel-and-mining company ArcelorMittal on Thursday said it that its fourth-quarter sales dropped to $14.18 billion from $15.51 billion, mostly due to the impact of the coronavirus pandemic on overall steel demand.
On 2020 steel shipments:
"Total steel shipments for 2020 were 69.1 million metric tonnes (Mt) representing a decrease of 18% as compared to 84.5 Mt in 2019. On a comparable basis, adjusting for the impact of the remedy asset sales related to the ArcelorMittal Italia acquisition in 2019 and ArcelorMittal USA sale in December 2020, steel shipments for 2020 declined by 16% to 60.1 Mt as compared to 71.3 Mt in 2019, primarily due to the impact of the Covid-19 pandemic and the slowdown that occurred in 1H 2020."