ArcelorMittal earned $938 million in net profit in Q1

The company's revenue for the period amounted to $16.28 billion

In the first quarter of 2024, global steelmaker ArcelorMittal reduced its net profit by 14.4% compared to the same period in 2023 – to $938 million. The figure decreased by 4.5% compared to the fourth quarter of 2023. This is stated in the financial report published on the company’s website.

The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) in January-March decreased by 8.6% y/y and increased by 34.5% q/q – to $1.96 billion. Operating income for the period amounted to $1.07 billion, down 10.1% y/y. At the same time, the company ended the fourth quarter of 2023 with an operating loss of $1.98 billion.

ArcelorMittal’s revenue in January-March this year decreased by 12% compared to the same period in 2023, but increased by 11.9% q/q – to $16.28 billion.

“The improved pricing environment, combined with a recovery in production volumes, has resulted in a sequential improvement in quarterly results that reflect the value contributed by our joint ventures. We have a suite of growth levers, including a 1GW renewable energy project in India and Vega CMC in Brazil, both of which are expected to come on stream in the first half of the year. At the same time, our strategic stake in Vallourec will strengthen our exposure to the North American pipe market. We continue to make progress on our decarbonization projects, recognizing the need to ensure that these investments create value while also reducing emissions,» comments Aditya Mittal, CEO of ArcelorMittal.

As GMK Center reported earlier, in 2023, ArcelorMittal’s net profit decreased by 54.1% year-on-year – to $4.87 billion. The company’s EBITDA decreased by 46.6% y/y – to $7.56 billion last year. Operating income for the period amounted to $2.34 billion, down 77.2% y/y. Revenue decreased by 14.5% compared to 2022, to $68.27 billion.

In 2023, ArcelorMittal reduced steel production by 1.5% compared to 2022, to 58.1 million tons. Last year, iron ore production decreased by 7.3% compared to 2022, to 42 million tons.

ArcelorMittal is a leading global steel and mining company with operations in 60 countries and production assets in 18 countries.