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ArcelorMittal reports first quarter 2021 results Luxembourg , May 6 , 2021 - ArcelorMittal ( referred to as " ArcelorMittal ” or the “ Company ” ) ( MT ( New York , Amsterdam , Paris , Luxembourg ) , MTS ( Madrid ) ) , the world's leading integrated steel and mining company , today announced results 1 for the three - months ended March 31 , 2021 . • • • • • 1Q 2021 Key highlights : Health and safety performance : Protecting the health and wellbeing of employees remains the Company's overarching priority ; LTIF rate of 0.78x in 1Q 20212 Significantly improved operating performance in 1Q 2021 , reflecting the continued demand recovery which supported a 6.5 % sequential increase in steel shipments ( to 16.5Mt vs. scope adjusted³ 15.5Mt in 4Q 2020 ) , the continued positive evolution of steel spreads , and the benefits of iron ore vertical integration 1Q 2021 operating income of $ 2.6bn vs. $ 2.0bn in 4Q 2020. EBITDA of $ 3.2bn in 1Q 2021 , 88 % higher than 4Q 2020 EBITDA of $ 1.7bn ( vs. $ 1.0bn in 1Q 2020 ) , represents the strongest quarter in a decade Share of JV and associates net income of $ 0.5bn 19 reflects strong performance at AMNS India and AMNS Calvert Net income of $ 2.3bn in 1Q 2021 as compared to net income of $ 1.2bn and adjusted net income of $ 0.2bn in 4Q 20205 The Company delivered $ 0.3bn of free cash flow ( $ 1.0bn net cash provided by operating activities less capex of $ 0.6bn less $ 0.1bn dividends paid to minorities ) despite a $ 1.6bn investment in working capital , reflecting seasonal as well as market factors Gross debt declined to $ 11.4bn ( vs. $ 12.3bn end 2020 ) and net debt declined to $ 5.9bn ( vs. $ 6.4bn end 2020 ) XCarb ™ launched , bringing together all of ArcelorMittal's reduced , low and zero - carbon products and steelmaking activities , as well as wider initiatives and green innovation projects , into a single effort focused on achieving demonstrable progress towards carbon neutral steel . Additionally , during the quarter ArcelorMittal detailed concept plans to dramatically reduce CO2 emissions in Germany and in France , utilizing hydrogen - DRI and EAF steel - making technologies Following the formation of a public - private partnership with Invitalia , ArcelorMittal Italia will be deconsolidated as of 2Q 2021. The new company , " Acciaierie d'Italia " will operate independently , with its own funding plans The Company completed a $ 650m share buyback in 1Q 2021 following the partial sell - down of its equity stake in Cleveland Cliffs . Per its new policy21 , a further $ 570m of capital is being returned to shareholders through a further share buyback program linked to free cash flow generated in 2020 ( ongoing and to be completed by year end ) and a $ 0.30 / share base dividend will be paid in June 2021 , subject to the approval of shareholders at the AGM 1 | Page