ArcelorMittal received $2.33 billion in net profit in 2024

The global steel company ArcelorMittal reduced its net profit by 52.2% in 2024 compared to 2023 to $2.33 billion. This is stated in the financial report published on the company’s website.

The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) decreased by 19.3% y/y – to $7.05 billion for the year. Operating income amounted to $3.31 billion, up 41.4% y/y.

ArcelorMittal’s revenue for the past year decreased by 8.5% compared to 2023 to $62.44 billion.

In the fourth quarter, the company’s net profit decreased by 17.2% quarter-on-quarter and 58.8% compared to the fourth quarter of 2023 – to $404 million. EBITDA for the quarter amounted to $1.65 billion, up 4.6% q/q and 13.7% y/y. Revenue decreased by 3.2% q/q and increased by 1.1% y/y.

“Last year was challenging from a global economic perspective, but, despite this EBITDA per tonne at $130 is considerably higher than the five- year-average pre-COVID. It is testament to the core strength of the Company that we are generating free cash flow, investing for growth and returning cash to shareholders in these markets. The long-term outlook for the steel industry is positive and our global presence means we have a unique opportunity to prioritize investment in markets where there is a strong outlook for growth and returns,” comments Aditya Mittal, CEO of ArcelorMittal.

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

In 2024, ArcelorMittal reduced steel production by 0.3% compared to 2023, to 57.9 million tons. 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 tonnes (-2.3% y/y), and iron ore (only for AMMC and Liberia) – 26.4 million tonnes (+0% y/y).

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