(Adds more detail)
BRUSSELS, Feb 9 (Reuters) - ArcelorMittal , the
world's second-largest steelmaker, on Thursday said it expects
its steel shipments to increase by around 5% this year, as it
reported fourth-quarter earnings that were in line with
expectations.
The Luxembourg-based company said its fourth-quarter core
profit (EBITDA), the figure most watched by the market, was
$1.26 billion, down from $5.05 billion a year before but in line
with the average forecast in a company poll.
The company said worldwide demand for steel, excluding
China, was expected to recover by 2% to 3% this year, following
the global economic slowdown last year that decreased Arcelor's
shipments by 11%.
"Evidence suggests that the customer destock we saw in the
second half of 2022 has peaked, hence providing support to
apparent steel consumption and steel spread," Chief Executive
Aditya Mittal said.
ArcelorMittal said it expected to have a positive free cash
flow over 2023, with capital expenditures between $4.5 billion
and $5 billion.
The company reported a net profit of $0.30 per share over
the last three months of 2022, below the $0.38 analysts had
expected on average.
(Reporting by Bart Meijer; Editing by Himani Sarkar and Tom
Hogue)
