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| Statement |
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| But clearly today, based on the assumptions today, that is good upside to the numbers that we are providing there |
| So that gives us good hope for 2024 |
| This shows the benefits of the actions we have been taking in recent years to structurally improve our business |
| It has hit -- it’s been better than the ramp-up that we had anticipated |
| I wish you all the best in the year ahead |
| And I think the Ukrainian team is doing a great job, minimizing the losses |
| Our recent acquisitions are performing strongly and the capital projects in which we have been investing will soon begin making a significant contribution to our regions |
| We are consistently delivering a solid return on our book value, which has grown to $66 per share |
| I’m confident that dss will support us in achieving our target of zero fatalities and serious injuries |
| Which not only supports the automotive franchise, but also helps our presence in the market |
| It continues to generate very good margins remains a low-cost, high-quality producer, and we have the opportunity to now move into the low-carbon -- low-carbon production routes and also reduce its cost, because if you look at the energy mix in Canada, I think there are some opportunities to decarbonize and also find cost savings |
| So that should provide a boost to our exports, if that materialize, if that is sustainable, we will see that is going well |
| Today, our asset portfolio is derisked and well positioned to capture the medium to long-term demand that we forecast |
| So we have a very strong platform to continue to grow and develop the business |
| The framework is technology leadership, market leadership and ensuring that we use our asset base, the fact that we are global, present in various markets to ensure that we deliver to the market relatively the lowest cost, most CapEx-efficient, decarbonized product |
| The fact that we had this very severe destock again in Q4 put us in a good place |
| We have a very good and extensive ore body |
| We have excellent market positions, and we have attractive opportunities to continue to invest and capture the growth in demand |
| What does that really mean? It means that we have world class assets, an excellent team and the best automotive franchise |
| In Brazil, we have a fantastic primary steelmaking position with the opportunities to add finishing capacity as domestic demand grows |
| So we are very confident that the group will continue to generate good levels of free cash this year |
| Also, the inclusion of Pecém, the acquisition that we made in the Northeast of Brazil, is doing really well, and we have the benefit of full year results from Pecém |
| We still have a large buyback program outstanding, and with the positive outlook for cash flow generation, we’re well positioned to continue taking advantage of our discounted valuation |
| But in spite of that, just because of the strength, resilience, the high quality, low cost nature of our business, we’ll continue to do well in 2024 relative to 2023 |
| We should also see better shipments |
| So really strong numbers that are coming out of India and clearly, that’s benefiting our joint venture and supporting our growth plans |
| Pecém is outperforming our expectations, Texas is outperforming our expectations |
| So as I mentioned earlier, a lot of these joint ventures have strong balance sheets and they continue to perform well |
| But adjusted for these factors, net income of just under $5 billion also compares very well with our history and illustrates not only the structural improvement to EBITDA, but also the growing contribution from our JVs and the impact of our lower cost balance sheet |
| So for full year, so that would -- I mean, of course, you don’t have the losses of Q4 because we have impaired the assets, right? So then -- so it would have improved our results in JVs by about $50 million |
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| As we all know, Q4 is seasonally a weak quarter in some regions, and also, we faced the destocking in most parts of our business |
| And I think iron ore production last year was really soft |
| We’ve seen disruptions at the Red Sea, import, lower demand for imports |
| The energy crisis that occurred in Europe over the last 18 months has exacerbated the viability of this asset or has diminished, I should say, the viability of this asset |
| So it remains a point of concern that we have continuously -- we are highlighting to the relevant governments |
| Ukraine and Kazakhstan, as we know, they were EBITDA negative in 2023 |
| In the mining projects, we have long-term assumptions that are, as we all know, much lower than what we have seen in the last couple of years |
| We do have, of course, issues, problems with the long business |
| Interest rates have peaked and there is a confidence they will come down this year |
| You saw, apparently, consumption forecasts for the year, but the reality is that imports in Europe continue to be high, I mean, lower than 2022 overall |
| We are seeing that there is a little bit more reluctance from importers because of all the disruptions that we are seeing |
| So unfortunately, we had the bridge failure in Liberia |
| Looking to the year ahead, we have seen an end to the destocking headwind that impacted markets in the second half of last year |
| I think in the fourth quarter, you’ve been impairing Ilva |
| I just wanted to shift, if I could, on the second question on the Brazilian market has been kind of plagued by cheap Chinese imports or other imports that doesn’t have as many trade barriers |
| But at the same time, we’re also going to see some pressure from costs as we all know, we have also seen raw materials rising, especially coking coal, so that should also be taken into account |
| Against the backup of a challenging economic and geopolitical environment, our financial results in 2023 are commendable |
| That’s about $100 million of EBITDA loss that we should not see again repeating in 2024 |
| So first of all, South Africa is not a bit negative in 2023 |
| We must achieve our target of zero facilities -- fatalities and serious injuries as quickly as possible |
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