- ArcelorMittal (NYSE:MT): Q2 GAAP EPS of $3.46.
- Revenue of $19.34B (+76.1% Y/Y) beats by $280M.
- Significantly improved operating performance in 2Q 2021, with the continuing demand recovery supporting a further positive evolution of steel spreads and 2.4% sequential increase in steel shipments to 16.1Mt (vs. scope adjusted 15.6Mt in 1Q 2021)
- Free cash flow of $1.7bn generated in 2Q 2021
- Gross debt declined to $9.2bn (vs. $11.4bn as end of 1Q 2021 and $12.3bn as end of 2020) and net debt declined to $5.0bn (vs. $5.9bn as end of 1Q 2021 and $6.4bn as end of 2020)
- New $2.2bn share buy-back program: The Company will return the $1.2bn proceeds from the redeemed Cleveland Cliffs preference shares and has decided to advance $1bn as part of its prospective 2022 capital return to shareholders (equivalent to 50% of 1H 2021 FCF) as a share buy back program to be completed by the end of 2021.
- Guidance: Capex update: FY 2021 capex is expected to increase to $3.2bn from previous guidance of $2.9bn to reflect the impacts of higher volumes and capacity utilization
- Demand outlook improving: The Company has upgraded its global apparent steel consumption forecast in 2021 vs. 2020 from +7.5% to +8.5% (from previous growth estimate of +4.5% to +5.5%)
- Press Release