Aperam Announces Results for 2020
Aperam CEO Mr Timoteo Di Maulo said “The combined benefits of a strong mix in Brazil, tight cost control and some economic improvement in Europe enabled us to achieve the best fourth quarter result since the 2017 peak despite still challenging market conditions. The positive effects of our cost reduction program - the Leadership Journey® are clearly visible ten years after Aperam's spin-off. Aperam is now a more flexible, stronger and resilient company and will continue to embark on this journey. We are happy to have concluded Phase 3 successfully and above target. We commenced Phase 4 in January which is designed to defend Aperam's cost leadership in Europe but also transform the footprint for specialties, adding a meaningful growth component in high value products. While the coming months will remain challenging we are confident that our actions will aid in restoring a historical normal level."
Sales for the year ended December 31, 2020 decreased by 14.5%, at EUR 3.624 million compared to EUR 4,240 million for the year ended December 31, 2019, mainly due to lower shipments and lower prices. Steel shipments in 2020 decreased by 6.1% at 1,677 thousand tonnes compared to 1.786 thousand tonnes in 2019.
EBITDA reached EUR 343 million for the year ended December 31, 2020 (including net exceptional gains of EUR 50 million made of PIS/Cofins tax credits related to prior periods recognized in Brazil for EUR 65 million, partly offset by social costs and restructuring charges related to asset optimization in Europe for EUR (15) million), compared to EUR 357 million for the year ended December 31, 2019 (including exceptional gains of EUR 17 million for PIS/Cofins tax credits related to prior periods recognized in Brazil). Group Adjusted EBITDA declined by 14% as the COVID related lower demand also resulted in a very competitive pricing environment in Europe.
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