ArcelorMittal beats profit forecasts, cuts debt

ArcelorMittal, the world's largest steelmaker, reported slightly higher end of year profits and a decline of its debt and forecast increased steel consumption in its core markets in 2020.

The Luxembourg-based company said on Thursday its fourth-quarter core profit (EBITDA), the figure most watched by the market, was $925 million, compared with the average forecast in a company poll of $858 million.

Net debt fell to $9.3 billion at the end of 2019, the lowest level since the company formed from the merger of Arcelor and Mittal Steel in 2006.