ArcelorMittal posts $1.88-bn net loss in Q4

New Delhi: Global steel giant ArcelorMittal on Thursday posted $1,207 million net income for the quarter ended December 31, 2020 and named Aditya Mittal as its new Chief Executive Officer. Aditya Mittal, son of steel baron Lakshmi N Mittal, is the chief financial officer (CFO) of the company, and will succeed his father in the new role. Lakshmi N Mittal, who is currently Chairman and CEO, will become Executive Chairman. The world's largest steel maker had posted a net loss of $1,882 million in the year-ago quarter, the company said in a statement. For the whole year (2020), the company reported a net loss of $733 million, as against a net income of $2,454 million in 2019. ArcelorMittal follows January-to-December fiscal year. Commenting on the company's financial performance, ArcelorMittal Executive Chairman Lakshmi N Mittal said, 2020 was a year of enormous challenge as countries, societies and businesses across the world grappled with the disruption caused by the Covid-19 pandemic.

"The impact on the steel industry was significant. However, the resilience and enterprise shown by its workforce across the business enabled ArcelorMittal to deliver a solid operating performance in times of adversity," Mittal said. During the December quarter, the company produced 18.8 million tonne (MT) crude steel, registering a fall of 5 per cent from 19.8 MT a year ago. The total shipments were at 17.3 MT compared to 19.7 MT, while sales in fourth quarter of 2020 were at $14.2 billion as compared to $ 15.5 billion in the same quarter in 2019. During the entire 2020, the company's output at 71.5 MT was also down by 20 per cent to 89.8 MT in 2019. Total steel shipments for 12 months in 2020 were 69.1 MT representing a decrease of 18.2 per cent as compared to 84.5 MT in full 2019.