ArcelorMittal received $1.44 billion in net profit in H1

According to the results of the first half of 2024, the global metallurgical company ArcelorMittal reduced its net profit by 51.2% compared to the same period in 2023 – to $1.44 billion. This is stated in the financial report published on the company’s website.

The company’s EBITDA (earnings before interest, taxes and depreciation) for January-June decreased by 25.7% y/y – up to $3.82 billion. Operating income was $2.12 billion, which is 32.1% less y/y.

ArcelorMittal’s revenue for the first half of the year decreased by 12.3% compared to January-June 2023 – to $32.53 billion.

During Q2 2024, the company’s net profit decreased by 46.3% compared to the previous quarter, and by 72.9% compared to the II quarter of 2023 – to $504 million. EBITDA for the quarter was $1.86 billion, which is 4. 9% less q/q and 37.9% y/y. Revenue decreased by 0.2% q/q and 12.7% y/y.

«The Company continued to make good progress in the first half of the year. Our pipeline of attractive strategic growth projects, which combined with recent acquisitions, have the estimated potential to increase EBITDA by $2.0 billion, are starting to come on-line. TFinancially, performance in the second quarter was broadly similar to the first, reflecting the continued subdued economic sentiment. Inventories are at a low level which will support apparent steel demand growth ex-China of between 2.5% and 3% this year. The Company enjoys a healthy balance sheet, from which it can continue to invest for growth and market share and consistently return cash to shareholders,» commented Aditya Mittal, CEO of ArcelorMittal.

As GMK Center reported earlier, ArcelorMittal reduced its net profit by 54.1% in 2023 compared to 2022 to $4.87 billion. The company’s EBITDA decreased by 46.6% y/y last year – to $7.56 billion. Operating income for this period amounted to $2.34 billion, which is 77.2% less y/y. Revenue decreased by 14.5% compared to 2022, to $68.27 billion.

In 2023, ArcelorMittal reduced steel production by 1.5% compared to 2022 to 58.1 million tons. Iron ore production last year decreased by 7.3% compared to 2022 to 42 million tons.

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