ArcelorMittal Europe increased steel production by 7.8% y/y in January-June

ArcelorMittal Europe, the European division of one of the world’s largest steel producers, increased steel production by 7.8% in January-June 2024 compared to the same period in 2023, to 15.64 million tons. This is stated in a report on the company’s website.

In January-September, steel shipments decreased by 0.5% y/y – to 14.64 million tons, including 10.51 million tons of flat products (-0.08% y/y) and 4.14 million tons of long products (-1.7% y/y).

In the second quarter, steel production by the company’s European division increased by 5.7% q/q and 17.8% y/y – to 8.04 million tons, while shipments increased by 2.4% q/q and 4.1% y/y – to 7.41 million tons.

ArcelorMittal Europe’s operating profit in January-June 2024 decreased by 64.6% compared to the same period in 2023 to $263 million. Steel sales amounted to $15.67 billion, down 11.8% year-on-year. EBITDA decreased by 37% y/y – to $805 million.

In the second quarter, the division’s operating profit amounted to $194 million, up 181.1% q/q and 55.5% y/y. Shipments decreased by 0.3% q/q and 9.9% y/y – to $7.82 billion. EBITDA increased by 34.7% q/q and decreased by 34.5% y/y – to $462 million.

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.