ArcelorMittal for the first quarter increased its net profit by 4.2 times q/q

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.

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.