ArcelorMittal produced 29.1 million tons of steel in H1

Iron ore production for the period amounted to 19.7 million tons

Global steel company ArcelorMittal reduced steel production by 0.3% in the first half of 2024 compared to the same period in 2023, to 29.1 million tons. This is stated in the quarterly report published on the company’s website.

Iron ore production for January-June decreased by 7.5% y/y, to 19.7 million tons. Steel shipments to customers during this period amounted to 27.3 million tons (-4.9% y/y), and iron ore (only for AMMC and Liberia) – 12.5 million tons (-10.7% y/y).

In Q2 2020, ArcelorMittal produced 14.7 million tonnes of crude steel, up 2.1% quarter-on-quarter and in line with the same period in 2023. Crude steel shipments were up 3% q/q but down 2.1% y/y.

Iron ore production fell 6.9% q/q and 9.5% y/y in April-June to 9.5 million tonnes. Iron ore shipments (AMMC and Liberia only) were 6.2 million tonnes, down from 6.3 million tonnes in Q1 and 6.6 million tonnes a year earlier.

“Demand for our XCarb steel continues to grow and it now shines brightly on the Eiffel Tower and the Arc de Triomphe. Our climate solutions are no less important. We recently launched the new HyMatch brand for hydrogen transport pipelines, supporting the implementation of hydrogen infrastructure worldwide, and the acquisition of the Italian and Spanish business of Italpannelli expands our presence in the attractive market for low-carbon insulation panels. We also continue to implement our decarbonization program, in particular, the opening of a new 1.1 million tonne electric arc furnace in Gijón,” comments Aditya Mittal, CEO of ArcelorMittal.

As GMK Center reported earlier, ArcelorMittal reduced its steel production by 1.5% in 2023 compared to 2022, to 58.1 million tonnes. Iron ore production last year decreased by 7.3% compared to 2022, to 42 million tonnes. 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 this period amounted to $2.34 billion, which is 77.2% less than a year ago. ArcelorMittal’s revenue decreased by 14.5% compared to 2022 to $68.27 billion.

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