Iron ore production for the quarter amounted to 10.2 million tons

Global steel company ArcelorMittal increased its steel production by 5.1% quarter-on-quarter – to 14.4 million tons in the first quarter of 2024. The figure decreased by 0.7% compared to the same period in 2023. This is stated in the quarterly report published on the company’s website.

Iron ore production for the last quarter amounted to 10.2 million tons, up 2% quarter-on-quarter, but down 5.6% compared to January-March 2023.

Steel shipments increased by 1.5% q/q and decreased by 6.9% y/y – to 13.5 million tonnes, while iron ore shipments (AMMC and Liberia only) increased by 3.3% q/q and decreased by 14.9% y/y – to 6.3 million tonnes.

«Maintaining our position as a leading supplier of low-carbon steels is an absolute priority, and the planned capacity expansion at Sestao, as well as the new electric arc furnace in Gijon, which will begin construction shortly, will play an important role in this process. Although overall economic sentiment remains subdued, we expect apparent steel demand outside of China to grow by +3% to +4% this year and we are well positioned to benefit from this,» comments Aditya Mittal, CEO of ArcelorMittal.

As GMK Center previously reported, ArcelorMittal reduced steel production by 1.5% year-on-year to 58.1 million tons in 2023. Last year, iron ore production decreased by 7.3% compared to 2022, to 42 million tons. Steel shipments for the year decreased by 0.5% y/y – to 55.6 million tons, and iron ore (AMMC and Liberia only) by 5.7% y/y – to 26.4 million tons.

The company’s net profit decreased by 54.1% y/y – to $4.87 billion. EBITDA decreased by 46.6% y/y – to $7.56 billion. Operating income for the period amounted to $2.34 billion, down 77.2% y/y. ArcelorMittal’s revenue decreased by 14.5% compared to 2022, to $68.27 billion.

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