BRUSSELS (Reuters) – ArcelorMittal, the world’s second-largest steel group, said on Thursday it expects its steel sales to grow by around 5% this year after reporting fourth-quarter results in line with market expectations.
The company said cash generation measured by earnings before interest, taxes, depreciation and amortization (EBITDA) in the fourth quarter was $1.26 billion, down from $5.05 billion a year earlier, but in line with average analyst forecast compiled by the company itself.
ArcelorMittal says world demand for steel, excluding China, is expected to recover by 2% to 3% this year after the global economic slowdown last year which reduced the company’s sales by 11%.
“Evidence suggests that the destocking from customers we saw in the second half of 2022 has peaked, providing support for apparent steel consumption and steel prices,” said Chief Executive Aditya Mittal.
ArcelorMittal said it expects to have positive free cash flow in 2023 with investments of between $4.5 billion and $5 billion.
The company reported net income of 30 cents per share for the final three months of 2022, down from the 38 cents analysts had expected on average.
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