ArcelorMittal maintained net debt at USD 5.1 billion at year-end and maintained a strong balance sheet. The company focused on growth with projects in India, Brazil and the US, while building a new electrical steel plant in the US. In Spain, the company increased production of low-carbon steel. While steel demand is expected to increase in 2025, the company pointed out that policy changes to reduce import pressure in Europe are critical.
Aditya Mittal, Chief Executive Officer of ArcelorMittal, stated: "The past year has been challenging from a global economic perspective, but despite this, EBITDA of USD 130 per tonne is significantly higher than the pre-COVID five-year average. "We are generating free cash flow, investing in growth and returning cash to shareholders in these markets, testament to the fundamental strength of the company. The long-term outlook for the steel industry is positive and our global presence means we have a unique opportunity to prioritize investment in markets where there is a strong outlook for growth and returns. We are particularly focused on Brazil, India and the US, where we are enhancing our ability to meet automotive demand through a new high-quality electric arc furnace at AM/NS Calvert and a new electrical steel plant announced today." He added,
"ArcelorMittal's absolute emissions are down 50% from 2018, including steps taken to shape the business with a portfolio of lower carbon operations. Current decarbonization investment is focused on increasing the output of the electric arc furnace in Sestao (Spain) and the new EAF in Gijón (Spain), which produce high-quality low-carbon flat products. Electric arc furnaces now account for 25% of our global production, up from 19% in 2018."
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