ArcelorMittal S.A. (NYSE:MT) Q3 2022 Earnings Conference Call November 10, 2022 9:30 AM ET Company Participants Daniel Fairclough - Investor Relations Genuino Christino - Chief Financial Officer Conference Call Participants Alain Gabriel – Morgan Stanley Tristan Gresser - BNP Paribas Myles Allsop - UBS Patrick Mann - Bank of America Tom Zhang - Barclays Rochus Brauneiser - Kepler Bastian Synagowitz - Deutsche Bank Maxime Kogge - Oddo Daniel Fairclough Good afternoon, and good morning, everybody. Welcome to ...

ArcelorMittal S.A. (NYSE:MT) Q2 2022 Earnings Conference Call July 28, 2022 9:30 AM ET Company Participants Daniel Fairclough – Investor Relations Aditya Mittal – Chief Executive Officer Genuino Christino – Chief Financial Officer Conference Call Participants Alain Gabriel – Morgan Stanley Tom Zhang – Barclays Alan Spence – Jefferies Patrick Mann – Bank of America Rochus Brauneiser – Kepler Nina Dergunova – Goldman Sachs Andrew Jones – UBS Myles Allsop – UBS Phil Gibbs – KeyBanc Grant Sporre – Bloomberg Int ...

ArcelorMittal S.A. (NYSE:MT) Q1 2022 Earnings Conference Call May 5, 2022 9:30 AM ET Company Participants Daniel Fairclough - IR Genuino Christino - CFO Conference Call Participants Alain Gabriel - Morgan Stanley Seth Rosenfeld - BNP Paribas Exane Patrick Mann - BofA Securities Carsten Riek - Crédit Suisse Alan Spence - Jefferies Andrew Jones - UBS Bastian Synagowitz - Deutsche Bank Grant Sporre - Bloomberg Intelligence Luke Nelson - JPMorgan Rochus Brauneiser - Kepler Cheuvreux Phil Gibbs - KeyBanc Alain W ...

Financial Performance - ArcelorMittal reported sales of $76.6 billion for the year ended December 31, 2021, a 43.7% increase from $53.3 billion in 2020, driven by a 54.2% rise in average steel selling prices [454]. - Operating income for 2021 was $16.976 billion, significantly up from $2.110 billion in 2020, reflecting improved market conditions [447]. - ArcelorMittal reported sales of $41.1 billion in the second half of 2021, a 49.6% increase from $27.5 billion in the second half of 2020, driven by a 67.5% increase in average steel selling prices [455]. - For the year ended December 31, 2021, ArcelorMittal's sales were $53.3 billion, a 24.6% decrease from $70.6 billion in 2019, primarily due to the impacts of the COVID-19 pandemic [455]. - Operating income for the year ended December 31, 2021, was $17.0 billion, significantly up from $2.1 billion in 2020, driven by positive steel price-cost effects [455]. Steel Shipments and Production - Steel shipments decreased by 8.9% to 62.9 million tonnes in 2021 compared to 69.1 million tonnes in 2020, with a notable decline in NAFTA shipments by 46.5% [449]. - The company experienced a significant recovery in demand across segments, with Brazil showing a 24.3% year-on-year shipment growth in 2021 [449]. - Steel shipments in Brazil increased 24.3% to 11.7 million tonnes for the year ended December 31, 2021, compared to 9.4 million tonnes in 2020 [468]. - Crude steel production in Brazil increased 30.1% to 12.4 million tonnes for the year ended December 31, 2021, compared to 9.5 million tonnes in 2020, due to higher production in both flat and long products [468]. - Crude steel production in the NAFTA segment decreased by 52.4% to 8.5 million tonnes for the year ended December 31, 2021, primarily due to the sale of ArcelorMittal USA [456]. Segment Performance - The Europe segment generated sales of $43.334 billion in 2021, up from $28.071 billion in 2020, with operating income rising to $5.672 billion from a loss of $1.439 billion [447]. - The Brazil segment saw sales increase to $12.856 billion in 2021 from $6.336 billion in 2020, with operating income rising to $3.798 billion from $777 million [447]. - Sales in the NAFTA segment were $12.5 billion for the year ended December 31, 2021, an 8.3% decrease from $13.7 billion in 2020, mainly due to the sale of ArcelorMittal USA [462]. - Sales in the ACIS segment were $9.9 billion for the year ended December 31, 2021, representing a 71.8% increase compared to $5.7 billion in 2020, mainly due to a 68.2% increase in average steel selling prices [486]. Average Steel Selling Prices - Average steel selling prices increased by 54.2% for the year ended December 31, 2021, with a 41.5% increase in the first half and a 67.5% increase in the second half of 2021 compared to the same periods in 2020 [452]. - Average steel selling prices in the NAFTA segment increased by 60.7% for the year ended December 31, 2021, compared to 2020, with a notable 86.8% increase in the second half of 2021 [460]. - Average steel selling prices in Brazil increased 62.5% for the year ended December 31, 2021, compared to the previous year [469]. - Average steel selling prices in Europe increased 50.6% for the year ended December 31, 2021, compared to the previous year [479]. - Average steel selling prices increased by 68.2% for the year ended December 31, 2021, compared to 2020, with a 65.3% increase in the first half and a 71.7% increase in the second half of 2021 [485]. Costs and Expenses - Cost of sales for the year ended December 31, 2021, was $57.3 billion, up from $49.1 billion in 2020, mainly due to higher raw material costs [455]. - Depreciation charge for the year ended December 31, 2021, was $2.5 billion, down from $3.0 billion in 2020 [455]. Cash Flow and Debt - As of December 31, 2021, ArcelorMittal's cash and cash equivalents totaled $4.4 billion, down from $6.0 billion as of December 31, 2020 [507]. - Total debt as of December 31, 2021, was $8.4 billion, a decrease from $12.3 billion as of December 31, 2020 [507]. - Net debt was $4.0 billion as of December 31, 2021, compared to $6.4 billion at the end of 2020, reflecting a reduction in leverage from 16% to 8% [507]. - The company reported net cash provided by operating activities increased to $9.9 billion, up from $4.1 billion in 2020, driven by higher operating results [522]. Shareholder Returns and Dividends - The company initiated a new $1 billion share buyback program for the first half of 2022, following a recommended increase of the base annual dividend to $0.38 per share [519]. - The board approved a $0.30/share base dividend in June 2021, amounting to $325 million, as part of its capital return policy [518]. - Dividends paid during the year ended December 31, 2021, totaled $572 million, including $312 million to ArcelorMittal shareholders [2]. Strategic Outlook - ArcelorMittal expects global apparent steel consumption (ASC) in 2022 to grow between 0% to 1.0%, a significant decrease from the 4% growth in 2021 [548]. - In Brazil, ASC is expected to decline by 8.0% to 10.0% in 2022, following a healthy 23.0% growth in 2021, due to destocking despite moderate real demand recovery [549]. - The company plans to implement a new three-year $1.5 billion value plan focused on operational improvements and cost savings [549]. - Steel shipments are expected to grow by 3.0% in 2022 compared to 2021, aided by recovery post logistics issues and renegotiated contracts with automotive OEMs [549]. Leadership and Governance - Lakshmi N. Mittal has been the Executive Chairman of ArcelorMittal since February 2021, previously serving as Chairman and CEO [558]. - Aditya Mittal has been the CEO since February 2021, previously holding the position of President and CFO, and has extensive experience in the Group's flat carbon steel businesses [559]. - The Board comprises a mix of independent and non-independent directors, ensuring a balanced governance structure [558][560]. - The company has a strong emphasis on corporate governance and strategic sustainability initiatives, reflecting its commitment to long-term growth [563]. Sustainability Initiatives - The company aims for a net-zero target by 2050 and is developing the world's first full-scale zero carbon-emissions steel plant in Sestao, Spain [575]. - ArcelorMittal plans to invest up to $100 million annually in innovative companies to accelerate the transition to carbon-neutral steelmaking [575]. - The company has hedged 50% of its natural gas requirements on a 6-month rolling basis, with additional strategic long-term hedges in place [546].