By Ed Frankl 
 

ArcelorMittal said fourth-quarter sales and earnings rose, as it boosted its steel shipments and benefited from higher steel prices.

Europe's largest steelmaker Thursday said sales came in at $20.81 billion, compared with $14.18 billion a year earlier, on significantly higher average steel selling prices.

Earnings before interest, taxes, depreciation and amortization were $5.05 billion, jumping from $1.73 billion a year earlier, though it was below the $6.06 billion posted in the third quarter.

Analysts had anticipated Ebitda at $4.95 billion, according to consensus expectations provided by the company.

Steel shipments amounted to 15.8 million metric tons, 7.9% higher than the previous quarter, following the reversal of production constraints and order shipment delays that affected the third quarter, ArcelorMittal said.

The Luxembourg-based company said it expects its steel shipments in 2022 to grow by 3% compared with 2021, and also expects strong Ebitda and free-cash-flow generation.

Based on current market conditions together with impacts from higher automotive contract price resets, ArcelorMittal said it expects a further working capital investment in the first quarter of 2022.

"Industry fundamentals remain positive, supported by renegotiated automotive contracts. Our balance sheet strength enables us to invest in the most compelling organic growth opportunities and continue our transition towards low-emissions steelmaking," Chief Executive Officer Aditya Mittal said.

 

Write to Ed Frankl at edward.frankl@dowjones.com

 

(END) Dow Jones Newswires

February 10, 2022 02:04 ET (07:04 GMT)

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