ArcelorMittal produced 57.9 million tons of steel in 2024

In 2024, global steel company ArcelorMittal reduced steel production by 0.3% compared to 2023 – to 57.9 million tons. This is stated in the quarterly report published on the company’s website.

Iron ore production for the period increased by 0.9% y/y – to 42.4 million tons. Steel shipments to customers in the period amounted to 54.3 million tons (-2.3% y/y), and iron ore (only for AMMC and Liberia) – 26.4 million tons (+0% y/y).

In the fourth quarter of this year, ArcelorMittal produced 14 million tons of steel, down 5.4% quarter-on-quarter and 2.2% more than in the same period in 2023. Steel shipments increased by 0.7% q/q and 1.5% y/y.

Iron ore production in October-December increased by 24.7% q/q and 26% y/y – to 12.6 million tons. Iron ore shipments (AMMC and Liberia only) amounted to 7.6 million tonnes, up from 6.3 million tonnes in Q3 and 6.1 million tonnes a year earlier.

“Looking to the future, despite low inventory levels and an expected improvement in apparent demand, our industry remains affected by global overcapacity. We support policies aimed at addressing this problem in our markets. Further measures are especially needed in Europe, which experienced a rise in imports in 2024, further increasing pressure on European production. It is crucial that results are achieved in 2025, both in providing the necessary emergency support measures and in creating a policy environment that will stimulate the investments needed to accelerate decarbonization in Europe,” comments Aditya Mittal, CEO of ArcelorMittal.

As GMK Center reported earlier, ArcelorMittal reduced steel production by 1.5% in 2023 compared to 2022, to 58.1 million tons. 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.