Steel Mills
ArcelorMittal Records Strong Q4, Best Full-Year Results Since '08
Written by David Schollaert
February 10, 2022
ArcelorMittal recorded earnings of $4.05 billion in fourth-quarter 2021, besting the same year-ago quarter by more than threefold, despite lower shipment volumes, due to sharply higher steel prices.
For the year, global earnings for the Luxembourg-based miner and steelmaker reached $14.97 billion, up from a loss of $733 million in 2020 despite a 9.0% decrease in shipments to 62.9 million metric tons in 2021. Sharply higher steel prices resulted in the group’s most profitable year since 2008.
“2021 was a strong year in which we accelerated progress on many fronts. The global economic rebound post initial COVID-19 restrictions being lifted supported buoyant demand in all markets delivering very high levels of profitability.,” ArcelorMittal CEO Aditya Mittal said in a statement.
The company’s steel shipments rose 8.2% from the prior quarter, but were down 8.7% when compared to the same quarter a year ago.
ArcelorMittal’s North American operations recorded EBITDA of $1.05 billion on revenues of $3.42 billion in the fourth quarter, up from earnings of $995 million in the prior quarter despite a 2.7% decrease in sales. North American steel shipments totaled 2.21 million metric tons in Q4, down 3.3% from Q3.
The Calvert hot strip mill – ArcelorMittal’s 50/50 joint venture with Nippon Steel Corp. in Alabama – recorded EBITDA of $270 million in the fourth quarter, down 32.0% from Q3, but still a fourfold improvement from the same period in 2020.
Calvert’s production in Q4 totaled 1.1 million metric tons, down 13.8% versus 1.2 million tons in the prior quarter, mainly due to a planned maintenance outage in November.
By David Schollaert, David@SteelMarketUpdate.com
David Schollaert
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