Operating results for 1Q 2020 and 4Q 2019 were impacted by impairment charges and exceptional items as discussed above.Whilst it cannot at this stage provide specific guidance for working capital needs in 2020 (due to the fact that it will be determined by the extent market conditions recover in 2H 2020) the Company still expects to release the $1 billion in working capital as previously targeted.Liquidity: cash and cash equivalents plus available credit lines excluding back-up lines for the commercial paper program.- Health and safety performance: LTIF rate2 of 1.01x in 1Q 2020- The Company has moved swiftly to secure its assets and match production to the evolving orderbook, with steel shipments for 2Q 2020 expected within the range of 13.5Mt to 14.5Mt; the actions taken to reduce all costs in line with reduced operating rates is expected to yield a reduction in fixed costs10 by 25%-30% in 2Q 2020, essentially maintaining fixed costs per-tonne at the 1Q 2020 level; EBITDA for 2Q 2020 is expected to be within the range of $0.4bn to $0.6bnDespite the challenges caused by COVID-19, the Company's $2 billion asset portfolio optimization program continues to progress. ArcelorMittal Liberia has completed the detailed feasibility study and is working on the final investment submission.- On March 4, 2020, ArcelorMittal announced that AM InvestCo and the Ilva Commissioners had signed an amendment (the 'Amendment Agreement') to the original lease and purchase agreement for Ilva. Forward-looking statements may be identified by the words "believe", "expect", "anticipate", "target" or similar expressions. Market-priced iron ore shipments in 1Q 2020 were 6.2% lower as compared to 1Q 2019 driven by lower shipments in AMMC and Liberia offset by higher shipments in Brazil and Ukraine.Net interest expense: includes interest expense less interest incomeOwn iron ore production in 1Q 2020 decreased by 3.0% to 14.4Mt as compared to 14.8Mt in 4Q 2019. 3 blast furnace at the mill has been taken as a precaution to preserve the asset for future production.In a March 20 news release, the recycling technology platform company and its CEO Nate Morris say, “Congress cannot ignore [the] nation’s independent waste haulers” in any COVID-19 relief package that is voted on by the legislature.Platts, citing data from Association for Iron and Steel Technology, reports that the No. Such non-GAAP/alternative performance measures may not be comparable to similarly titled measures applied by other companies.Net cash used in financing activities in 1Q 2020 was $386 million as compared to net cash provided by financing activities in 4Q 2019 of $19 million and net cash used in financing activities in 1Q 2019 of $344 million. The strip cooling system will be upgraded and include innovative power cooling technology to improve product capability. Although ArcelorMittal's management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal's securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. The Company has to date announced the safe and orderly temporary blow down of blast furnace No.3 at ArcelorMittal Dofasco, Canada, blast furnace No.6 at ArcelorMittal Cleveland and blast furnace No.4 at Indiana Harbor in the United States with the necessary precautions taken to preserve the assets for future production.Brazil segment crude steel production increased by 7.6% to 2.7Mt in 1Q 2020 as compared to 2.5Mt for 4Q 2019, which had been impacted by planned maintenance in the Long products business.EBITDA: operating results plus depreciation, impairment charges and exceptional items.Net cash used in investing activities during 1Q 2020 was $755 million as compared to $1,751 million during 4Q 2019 and $693 million in 1Q 2019. ArcelorMittal Canada The impact of the COVID-19 crisis across all sectors of the economy and industries has, and continues to, evolve rapidly. Contact: Paul Weigh +44 203 214 2419.- ArcelorMittal reports first quarter 2020 resultsFree cash flow (FCF): refers to net cash provided by operating activities less capex.Mining segment sales: i) "External sales": mined product sold to third parties at market price; ii) "Market-priced tonnes": internal sales of mined product to ArcelorMittal facilities and reported at prevailing market prices; iii) "Cost-plus tonnes" - internal sales of mined product to ArcelorMittal facilities on a cost-plus basis.
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