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ArcelorMittal reports second quarter 2021 and half year 2021 results Luxembourg , July 29 , 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 1,2 for the three - month and six - month periods ended June 30 , 2021 . Key highlights : • • • • • • • • • Health and safety performance : Protecting the health and wellbeing of employees remains the Company's overarching priority ; LTIF rate³ of 0.89x in 2Q 2021 and 0.83x in 1H 2021 Significantly improved operating performance in 2Q 2021 , with the continuing demand recovery supporting a further positive evolution of steel spreads and 2.4 % sequential increase in steel shipments to 16.1 Mt ( vs. scope adjusted 4 15.6Mt in 1Q 2021 ) 2Q 2021 operating income of $ 4.4bn compares to $ 2.6bn in 1Q 2021 ; 1H 2021 operating income of $ 7.1bn EBITDA of $ 5.1bn in 2Q 2021 , the strongest quarter since 2008 and 55.8 % higher than 1Q 2021 ; 1H 2021 EBITDA of $ 8.3bn represents the strongest half year performance since 2008 Share of JV and associates net income in 2Q 2021 further improved to $ 0.6bn , reflecting continued strong performance at AMNS India and AMNS Calvert⁹ ; 1H 2021 share of JV and associates net income $ 1.0bn Net income of $ 4.0bn in 2Q 2021 vs. $ 2.3bn in 1Q 2021 ; 1H 2021 net income of $ 6.3bn ( vs. adjusted net loss in 1H 2020 of $ 0.9bn ) 7 represents the strongest half year performance since 2008 Free cash flow 18 of $ 1.7bn generated in 2Q 2021 ( $ 2.3bn net cash provided by operating activities less capex of $ 0.6bn ) includes a further $ 1.9bn investment in working capital on account of higher market prices ; this brings the 1H 2021 free cash flow generated to $ 2.0bn ( $ 3.3bn net cash provided by operating activities less capex of $ 1.2bn less minority dividends $ 0.1bn ) despite a total $ 3.5bn investment in working capital Gross debt declined to $ 9.2bn ( vs. $ 11.4bn as end of 1Q 2021 and $ 12.3bn as end of 2020 ) and net debt declined to $ 5.0bn ( vs. $ 5.9bn as end of 1Q 2021 and $ 6.4bn as end of 2020 ) Since April 1 , 2021 , the Company returned $ 1.6bn to shareholders through share buybacks and the payment of the annual base dividend . Total returns to shareholders since September 2020 now total $ 2.8bn Strategic update and outlook : • • • Leadership on decarbonization : New Group CO2 reduction target of 25 % by 2030 ; new Europe CO2 reduction target of 35 % ( previously 30 % ) by 2030 includes the acceleration of DRI - EAF investments and the world's first full scale zero carbon - emissions steel plant at Sestao , Spain ; the new group decarbonization plan requires an estimated gross investment ( pre - government funding ) of $ 10bn Capex update : FY 2021 capex is expected to increase to $ 3.2bn from previous guidance of $ 2.9bn to reflect the impacts of higher volumes and capacity utilization - the Company's operating plan ( including the number of tools utilized ) has changed to reflect the strength of the demand environment Demand outlook improving : The Company has upgraded its global apparent steel consumption ( ASC ) forecast in 2021 vs. 2020 from + 7.5 % to + 8.5 % ( from previous growth estimate of + 4.5 % to + 5.5 % ) New $ 2.2bn share buy - back program : The Company will return the $ 1.2bn proceeds from the redeemed Cleveland Cliffs preference shares and has decided to advance $ 1bn as part of its prospective 2022 capital return to shareholders ( equivalent to 50 % of 1H 2021 FCF ) as a share buy back program to be completed by the end of 2021