The company reduced its gross debt from $12.3bn to $8.4bn and its evaluation went up from $32 to $51 per share. Photo:  Matic Zorman

The company reduced its gross debt from $12.3bn to $8.4bn and its evaluation went up from $32 to $51 per share. Photo:  Matic Zorman

Luxembourg-based steel company ArcelorMittal continues its economic recovery from the pandemic with a 9.2% increase in shipments compared for 2021 compared to the previous year.

The increase in activity for the company resulted in $19.4bn earnings before interest, taxes, depreciation, and amortisation (EBITDA). This marks a dramatic increase compared to the $4.3bn earned in 2020.

“2021 was a strong year in which we accelerated progress on many fronts. The global economic rebound post initial covid-19 restrictions being lifted supported buoyant demand in all markets delivering very high levels of profitability,” said ArcelorMittal CEO Aditya Mittal.

The company reduced its gross debt from $12.3bn to $8.4bn and its evaluation went up from $32 to $51 per share. This resulted in a $6.8bn of capital returned to shareholders in 2021. ArcelorMittal also expects its steel shipments in 2022 to grow by 3%.

Reducing CO2 emissions remains one of the main goals of the company which aims to reduce its carbon dioxide equivalent by 25% by 2030 and to continue investing in multiple sites. A smart carbon project in Ghent, commissioned by 2022, and a hydrogen reeducation project in Hamburg are some of the projects to which the company has allocated finances.

“Recent investments, both organic and acquisitive, have long-term strategic value,” said Mittal.