ArcelorMittal received $4.87 billion in net profit in 2023

The company's revenue for the year was $68.27 billion

The global steel company ArcelorMittal cut its net profit by 54.1% in 2023 compared to 2022 – to $4.87 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 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. ArcelorMittal’s revenue decreased by 14.5% compared to 2022, to $68.27 billion.

In the fourth quarter of 2023, ArcelorMittal’s net profit increased by 5.7% quarter-on-quarter and decreased by 17.4% y/y – to $982 million.

EBITDA for October-December amounted to $1.27 billion, down 32.1% q/q and 0.6% y/y, with an operating loss of $1.98 billion against $1.2 billion in revenue in the third quarter and a $306 million loss in the fourth quarter of 2022.

The company’s revenue for the period fell by 12.4% quarter-on-quarter and 13.8% y/y – to $14.55 billion.

“Given our financial performance, the 2023 results reflect the benefits of structural improvements we have made to our cost base, asset portfolio and balance sheet in recent years. While the operating environment is increasingly challenging, our profitability per tonne is normal and well above our long-term averages. This reflects the improved resilience we have built into the business, enabling us to generate healthy cash flow to invest in future growth and return attractive levels of capital to our shareholders,” comments Aditya Mittal, executive director of ArcelorMittal.

As GMK Center reported earlier, in 2022, ArcelorMittal’s net profit decreased by 37.8% compared to 2021, to $9.302 billion. The company’s EBITDA fell by 27% y/y – to $14.16 billion, and operating profit – by 39.5%, to $10.27 billion. ArcelorMittal’s revenue for the year increased by 4.3% compared to 2021 – to $79.844 billion.

In 2022, ArcelorMittal reduced steel production by 14.6% compared to 2021, to 59 million tons. Iron ore production increased by 9.2% compared to 2021 – to 28 million tons.

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