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Annual Review 2013 Annual Review 2013 Overview 1 Annual review 2013 Annual review 2013 Overview 1 Message from the chairman and CEO Dear shareholders, The Phase 2 expansion of the Liberia creating a stronger company, now expected to grow by 15% over project to a production capacity of the imperative is to capture the the next ten years, with much of Thank you for taking the time 15 million tonnes per annum sinter opportunities from a recovery. the growth expected to be in the to view ArcelorMittal’s 2013 feed is underway. The first sinter south-eastern US, where Calvert annual review. We are implementing a strategy feed production is expected at the is located. that leverages four distinctive and In recent years we have adapted end of 2015, replacing the Phase 1 valuable attributes which will enable The acquisition recently closed and our industrial footprint to new – 4 million tonnes per annum us to capture leading positions in the we are already working to integrate demand realities, intensified our direct-shipped operation. most attractive areas of the steel the plant into our existing supply efforts to control costs, and Net debt reduction has been an industry value chain, from mining at chain alongside NSSMC, with whom focussed on investing in our key important priority in recent years. one end to distribution and we have an excellent and proven franchise businesses. These We exceeded our target to reach first-stage processing at the other. partnership spanning some twenty initiatives addressed profound US$17 billion of net debt by the end years. Calvert will enable us to structural and macroeconomic These attributes are our global scale of the first half 2013, closing the enhance customer service in NAFTA, conditions that were challenging and scope, our unmatched technical year with net debt of US$16.1 optimizing our product flows and the performance of our company capabilities, our diverse portfolio of billion, the lowest level since the thus reducing logistics costs. as well as the broader sector. businesses, and, last but not least, merger that created ArcelorMittal. our financial capability. We are also seeking to capture I am happy to be able to report to Our medium-term net debt target recovery-related opportunities by you that these considerable efforts remains unchanged at US$15 billion. Our strategy focusses on three restarting selected steel growth are yielding results. 2013 has been a key areas: Cash flow from operations improved projects in our existing steel year of progress. We have made to US$4.3 billion. After capital • In steel, we aim to be the supplier business. In Brazil, we have strategic progress, we have made expenditure of US$3.5 billion, the of choice for customers and to re-started the first phase of the progress on profitability, and we business had free cash flow of grow in regional and product project at Monlevade, where during have made progress in strengthening US$0.8 billion. I want to highlight markets with attractive 2015 we expect to commission a the balance sheet. that even in very challenged markets fundamentals. In commodity new wire rod mill with additional Looking at financial and operational the company has continued to products we strive to minimise capacity of 1 million tonnes. performance, we set ourselves a generate positive free cash flow. costs, to reduce risks and to In a related project, we are also number of targets and objectives capture the potential of high- increasing rebar capacity at We set ourselves a new that we are making good progress demand market conditions. Juiz de Fora. management gains target of US$3 in meeting. billion and are on target to deliver • In mining, we aim to grow a At Dofasco in Canada, a key facility Our Ebitda1 in 2013 was US$6.9 this, achieving US$1.1 billion in world-class business by utilising for our NAFTA auto franchise, we billion - an underlying improvement annualised management gains over our financial strength and diverse restarted our project to expand and of 10.7% compared to 2012. Ebitda the year. Our management gains portfolio of assets, including the upgrade galvanising capacity by per tonne reached US$91/t in the are making a positive contribution demand provided by our steel 2015. And at Acindar, our Argentina fourth quarter – compared with to Ebitda. operations. We will invest to long products facility, our project to US$78/t in the fourth quarter of expand output at our best optimise and expand downstream Finally, health and safety remains 2012. We continue to have a mining assets. capacity by 2016 is underway. our highest priority; and here we also medium-term Ebitda per tonne The new rolling mill there will enable continue to make progress. The lost • Across all our operations, our aim target of US$150; and whilst there Acindar to optimise production at its time injury frequent rate (LTIFR), is to achieve best-in-class is still a gap to close, we are moving special bar quality rolling mill in Villa covering our own personnel as well competitiveness by leveraging in the right direction. Constitución, which in the future will as contractors, once again improved, our technical capabilities and our only manufacture products for the We reported a net loss for the year dropping to 0.8 from 1.0 in 2012. diverse portfolio of assets and automotive and mining industries. of US$2.5 billion, including US$1.5 This was ahead of our own internal businesses, which provide us billion of exceptional items. However target. Encouragingly, ArcelorMittal tremendous opportunities for Taken together, these projects are in the fourth quarter, stripping out is also one of the better performing benchmarking and best-practice expected to generate an average one-time items, we made a small companies in the industry; 114 out sharing. pre-tax return on capital of around profit. This further cemented our of 176 of World Steel Association 25% and have the potential to An excellent example of the view that the second half of 2012 members’ sites that have an LTIFR increase annual Ebitda by US$150 implementation of this strategy was was the low point of this cycle. of below 1 belong to ArcelorMittal. – 200 million. our acquisition of ThyssenKrupp’s A further acknowledgement of the Steel shipments increased by only rolling mill in Calvert, Alabama. We also have two important progress we have made was the 0.6% to 84.3 million tonnes due to We agreed with Nippon Steel & greenfield steel projects being recognition from the World Steel contraction in our core markets. Sumitomo Metal Corporation commissioned. Association for safety programmes However we continue to target an (NSSMC) to acquire 100% of at our plants in Lázaro Cárdenas in The first seamless pipe at our new increase in shipments to 95 million TK USA for a purchase price of Mexico and Unicon in Venezuela. seamless tube mill in Jubail was tonnes over the medium term. US$1,550 million, to be financed by successfully produced in November Despite this encouraging a combination of JV-level debt and On the mining side of the business, 2013, and certification is expected improvement, we know there is equity. This transaction will have a we are on track to reach our 2015 in the second quarter of the year, more to be done, particularly when minimal impact on ArcelorMittal’s capacity target of 84 million tonnes. after which commercial production it comes to reducing fatalities. consolidated net debt. We increased capacity by 10 million of API products can start. Our absolutely priority is to continue tonnes in 2013 and market priced This is one of the highest quality to drive further progress in this Our China automotive steel JV with iron-ore shipments also increased finishing lines in the world, capable regard until we reach and sustain our Hunan Valin, VAMA, is proceeding significantly by 22%. Ebitda was of producing the most advanced target of zero accidents. well and is expected to become positively impacted by higher high strength steels. Calvert is a operational in the second half of the marketable volumes and lower If the period since the onset of the strategically important and year. This is an important strategic costs, primarily at ArcelorMittal crisis has been marked by adapting complementary asset for our investment that will produce steel Mines Canada following the ramp to the changed environment and automotive franchise business. for high-end applications in the up to 24 million metric tonnes. The NAFTA automotive market is 1 Ebitda is defined as operating income plus depreciation, impairment expenses and exceptional items. Annual review 2013 Overview 2 Message from the chairman and CEO continued automobile industry, supplying announced at our recent investor to the organisation and our ability Our final priority is employee international automakers and day, it has become clear that we to move swiftly to capture engagement. We employ 232,000 first-tier Chinese car manufacturers have additional stretch potential opportunities. Indeed, I am already people at our mines and plants as as well as their supplier networks for beyond our current growth plans seeing such benefits. well as a large number of the rapidly growing Chinese market. and at low capital intensity. We have contractors. In order for the Looking ahead, we expect the VAMA will extend our automotive identified additional potential at both company to deliver the optimum changes we have made to franchise to this fast-growing and ArcelorMittal Mines Canada and in results, we need and want our strengthen our business and important market. Liberia - both of which are well employees to feel motivated and improved economic conditions to placed in the lower half of the cost engaged, to understand why we Even as we are approving have a positive impact on curve - and will be studying these take the decisions we do, and to feel investments in our franchise steel performance in 2014.
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