The steelmaker said its fourth-quarter earnings moved into positive territory, with net income of US$1.2 billion on sales of US$14.2 billion. It recorded a US$1.88 billion loss in the same quarter last year on sales of US$15.5 billion.

The company said higher average steel selling prices and higher iron prices in the most recent quarter helped offset a reduction in shipments due to the COVID-19 pandemic.  

Looking forward, ArcelorMittal said it expects global apparent steel consumption to grow between 4.5% and 5.5% this year. 

“Economic activity progressively improved during the second half of 2020 as lockdown measures eased. Following a prolonged period of destocking, the global steel industry is now benefiting from a favorable supply-demand balance, supporting increasing utilization as demand recovers,” the company said. 

“Given this positive outlook (and subject to pandemic-related macroeconomic uncertainties), the company expects apparent steel consumption to grow in 2021 versus 2020 in all our core markets.”

Meanwhile, ArcelorMittal is transitioning day-to-day leadership of the business to Aditya Mittal, who has been named chief executive officer. His father and ArcelorMittal founder, Lakshmi Mittal, will now serve as executive chairman. 

“Despite the obvious challenges of 2020, ArcelorMittal starts 2021 in a position of comparative strength. Having achieved some key strategic targets, this seems like the right moment to transition to executive chairman, and the board unanimously agrees that Aditya Mittal is the natural and right choice to be the company’s chief executive,” the elder Mittal said.  

“We have worked closely together since he joined the company in 1997, indeed in recent years we have effectively been managing the company together. He has an unrivaled knowledge of the business and a keen sense of how the company must continue to transform to remain the world’s leading steel company.”