ArcelorMittal said it ended the year “with gross debt of $14.3bn and net debt of $9.3bn (the lowest level since the merger); targeting achievement of the $7bn net debt objective by end of 2020.”

The company also says it is optimistic about projections for 2020 as the real demand slowdown begins to stabilise. “We expect apparent steel consumption in our core markets to grow in 2020,” the statement reads.

The company also addressed the impact of the Coronavirus outbreak, saying it will “likely have a short-term negative demand impact in China and to a lesser degree elsewhere.”