31 March 2020, 08:00 CETFurther to the statement issued on 19 March, ArcelorMittal today provides an update on the impact of COVID-19.Firstly, we would like to recognise the resilience and flexibility of our global workforce, whose health and well-being is our first priority. Where possible, employees are working remotely from home. Where assets continue to operate, we are following the recommendations from government as well as the World Health Organisation (‘WHO’). We appreciate this brings new challenges for everyone and are working together as a community to support each other through these unprecedented times. The global escalation of COVID-19 and the measures introduced by governments worldwide to contain the virus are negatively impacting economic activity and industrial supply chains in many parts of the world. Consequently, we are either seeing or expect to see a significant decline in industrial activity in many if not all of the geographic markets in which we operate, which is impacting our business. The current market volatility and uncertainty is tough for every country, every individual and every company. We are however buoyed by the fact our company has in recent years prioritised the strengthening of its balance sheet to provide a strong financial foundation in all market conditions. Net debt is at a record low, we have a very manageable debt maturity profile having used available cash to prepay debt in recent years and also benefit from a significant liquidity position. We intend to provide updated guidance on our 2020 cash requirements, including capital expenditure, when we announce our first quarter 2020 results on 7 May 2020. In order to ensure the safety and wellbeing of our employees, shareholders and stakeholders, we have however decided to postpone the AGM planned for 5 May 2020. A new date will be communicated in due course. Finally, where excess capacity exists, we are offering space to medical facilities to host additional wards. We are proud of the initiatives our employees are taking to provide social and humanitarian support during this time. ENDSAbout ArcelorMittalArcelorMittal is the world’s leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries. Guided by a philosophy to produce safe, sustainable steel, we are the leading supplier of quality steel in the major global steel markets including automotive, construction, household appliances and packaging, with world-class research and development and outstanding distribution networks.Through our core values of sustainability, quality and leadership, we operate responsibly with respect to the health, safety and wellbeing of our employees, contractors and the communities in which we operate.For us, steel is the fabric of life, as it is at the heart of the modern world from railways to cars and washing machines. We are actively researching and producing steel-based technologies and solutions that make many of the products and components people use in their everyday lives more energy efficient.We are one of the world’s five largest producers of iron ore and metallurgical coal. With a geographically diversified portfolio of iron ore and coal assets, we are strategically positioned to serve our network of steel plants and the external global market. While our steel operations are important customers, our supply to the external market is increasing as we grow.In 2019, ArcelorMittal had revenues of $70.6 billion and crude steel production of 89.8 million metric tonnes, while own iron ore production reached 57.1 million metric tonnes.ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/
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