In January-March 2023, the company's revenue increased by 9.5%

ArcelorMittal Corporation, one of the largest steel producers in the world, in the first quarter of 2023, increased its net profit by 4.2 times compared to the previous quarter – up to $1.096 billion. Compared to January-March 2022, the indicator decreased by 73.4%. It is stated in the financial report published on the company’s website.

Financial results of ArcelorMittal

The company’s EBITDA (earnings before interest, taxes, depreciation and amortization) in the first quarter of 2023 was $1.822 billion. This is 44.8% more than in the fourth quarter of 2022, but 64.1% less than in January March 2022.

The operating income of the company decreased by 73.1% y/y in three months – to $1.192 billion. ArcelorMittal ended the fourth quarter of 2022 with an operating loss of $306 million.

ArcelorMittal’s revenue for the quarter increased by 9.5% q/q and decreased by 15.3% y/y – to $18.5 billion. Net debt as of the end of March 2023 was $5.2 billion, compared to $2.2 billion as of the end of December 2022.

As GMK Center reported earlier, in 2022 ArcelorMittal reduced net profit by 37.8% compared to 2021 – to $9.302 billion. The company’s EBITDA fell by 27% y/y – to $14.16 billion, and operating profit – by 39.5%, to $10.27 billion. ArcelorMittal’s revenue for the year increased by 4.3% compared to 2021 – up to $79.844 billion.

In 2022, ArcelorMittal reduced steel production by 14.6% compared to 2021 – to 59 million tons. Iron ore production increased by 9.2% compared to 2021 – to 28 million tons.

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