(BRIEF) ArcelorMittal, in line with its fourth quarter 2023 currency effects, has made significant adjustments to its segment data and EBITDA definition effective January 1, 2024. The key adjustments come with the redefinition of EBITDA to match the operating source of revenue. depreciation and amortization, impairments, exceptional parts, parts and effects of associates, joint ventures and other investments. The “NAFTA” segment has been renamed “North America,” while a new “India and Joint Ventures” segment has been introduced, highlighting expansion opportunities in India and related companies. In addition, a “Sustainable Solutions” segment has been created for climate-conscious companies. The Company also provided reconciliations of net source of revenue to EBITDA and adjusted net source of revenue, as well as signs of functionality for its major joint ventures. In addition, the document includes forward-looking statements and non-GAAP monetary measures, with transparency and clarity of monetary reporting practices.
(PRESS RELEASE) LUXEMBOURG, March 27, 2024 — /EuropaWire/ — As announced with the fourth quarter 2023 monetary results of ArcelorMittal (the “Company”), the Company has changed its presentation of reportable segments and EBITDA.
The changes, as of January 1, 2024, are as follows:
The following periods: FY 2021, FY 2022 and FY 2023 and the four quarters of 2023 have been recast into the analyst template through the company which can be found here: https://corporate. arcelormittal. com/investors/results
In addition, the Company has included key reconciliations of net source of revenue/(loss) to EBITDA and adjusted net source of revenue and adjusted EPS, as well as providing old KPIs for its 3 key joint ventures: AMNS India, AMNS Calvert and VAMA. .
Forward-Looking Statements
This document may contain forward-looking data and statements about ArcelorMittal and its affiliates. These statements include monetary projections and estimates and their underlying assumptions, statements relating to plans, objectives and expectations relating to long-term operations, products and services, and statements relating to long-term performance. Forward-looking statements may be referred to by the words “believe,” “expect,” “anticipate,” “target” or similar expressions. Although ArcelorMittal’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors and security holders of ArcelorMittal are cautioned that forward-looking data and statements are subject to dangers and uncertainties, many of which are difficult to expect and Sometimes out of the ordinary. of scope. control of ArcelorMittal, which may also cause actual effects and developments to differ materially and adversely from those expressed, implied or projected by the data and forward-looking statements. These dangers and uncertainties are in addition to those discussed or known in filings with the Commission de Surveillance du Secteur Financier of Luxembourg and the United States Securities and Exchange Commission (the “SEC”) made or to be made through ArcelorMittal, adding to ArcelorMittal’s recent yearly high. report on Form 20-F filed with the SEC. ArcelorMittal undertakes no legal responsibility to publicly update its forward-looking statements, whether as a result of new data, long-term developments or otherwise.
Alternative/Non-GAAP Performance Measures
This document includes additional monetary measures that are or could be non-GAAP/election monetary functionality measures, as explained in SEC regulations or European Securities and Markets Authority (ESMA) guidelines. They would possibly exclude or include included or excluded amounts, as appropriate, in the calculation of directly comparable maximum monetary measures calculated under IFRS. Accordingly, they deserve to be considered together with ArcelorMittal’s consolidated monetary statements prepared in accordance with IFRS, adding its annual report on Form 20-F, its interim monetary reports and its earnings releases. Comparable IFRS measures and reconciliations of non-GAAP measures/election functionality are presented in those documents, as well as in the document “Reconciliation of Non-GAAP Financial Measures to IFRS Measures” located on the Company’s online page (at “Investors – Results”). ). ArcelorMittal presents EBITDA, EBITDA/tonne, and FCF, which are non-GAAP currency/election functionality measures, as additional measures to understand its non-consistent functionality. ArcelorMittal believes that such signals are applicable to provide more data to control and investors. The definition of EBITDA has been revised to separate impairment fees and exceptional items from the Kazakhstan sale, as the Company believes this presentation provides more clarity regarding the effects of this sale. ArcelorMittal also presents net debt as a further measure to understand its monetary position, adjustments to its capital composition and its credit assessment. ArcelorMittal also reports adjusted net income and adjusted core earnings in a percentage-consistent manner as it believes these are useful measures of the underlying functionality of the business, excluding impairment and exceptional items. The adjusted net income stream definition has been revised in terms of EBITDA to separate impairment fees and one-off items from the Kazakh Divestment for clarity and also to explain that impairment fees and one-off items from subsidiaries, Array joint ventures and other investments are excluded from this election. . Functionality measurement. In the model, the definition of EBITDA has also been revised to include the source of income from affiliates, joint ventures and other investments (excluding depreciation and exceptional items, where applicable, from affiliates, joint ventures and other investments). Non-GAAP monetary election/functionality measures are worth reading in conjunction with, and not as an option to, ArcelorMittal monetary data prepared in accordance with IFRS.
About ArcelorMittal
ArcelorMittal is one of the world’s leading incorporated mining and metals companies, with a presence in 60 countries and number one metals production operations in 15 countries. It is the largest metals manufacturer in Europe, one of the largest in the Americas, and has a developing presence in Asia through its AM/NS India joint venture. ArcelorMittal sells its products to a wide variety of customers, including the automotive, engineering, structures and machinery industries, and generated a profit of $68. 3 billion in 2023, produced 58. 1 million metric tons of raw metal and 42. 0 million tons of iron ore. Our goal is to produce metals that are smarter for people and the planet. Steels manufactured using state-of-the-art processes that consume less energy, emit much less carbon and reduce costs. Cleaner, more powerful and reusable metals. Steels for renewable energy infrastructure that will help societies in their transformation this century. With metal at our heart, our creative people and a business culture at our heart, we will help the world make this change. ArcelorMittal is indexed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
http://corporate. arcelormittal. com/
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SOURCE: ArcelorMittal
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