ArcelorMittal reduced steel output by 3.1% y/y in January-September

Iron ore production fell by 7.5% y/y in 9 months

ArcelorMittal, one of the largest steel producers in the world, in January-September 2023, reduced steel production by 3.1% compared to the same period in 2022 – to 44.4 million tons. Steel shipments fell by 2.3% y/y – to 42.3 million tons. This is stated in the quarterly report, published on the company’s website.

Iron ore production in January-September fell by 7.5% compared to the same period in 2022 – to 32 million tons. Sales of iron ore (only AMMC and Liberia) amounted to 20.3 million tons, which is 3.8% less y/y.

In the third quarter of 2023, ArcelorMittal increased steel output by 3.4% compared to the previous quarter, and by 2% y/y – up to 15.2 million tons. Steel sales, meanwhile, fell by 3.5% q/q and increased by 0.7% y/y.

The production of iron ore in July-September 2023 amounted to 10.7 million tons, which is 1.9% more q/q and by 1% y/y. Sales of iron ore (AMMC and Liberia only) increased by 4.7% q/q for the quarter and fell by 8.7% y/y – to 6.3 million tons.

As GMK Center reported earlier, ArcelorMittal in 2022 reduced steel production by 14.6% compared to 2021 – up to 59 million tons. Steel shipments for the year fell by 11.1% y/y – to 55.9 million tons. Iron ore production increased by 9.2% compared to 2021 – up to 28 million tons. Sales of iron ore reached 28 million tons, which is 7.7% more y/y.

Net ArcelorMittal’s profit for the year decreased by 37.8% compared to 2021  to $9.302 billion. The corporation’s EBITDA for the past year was $14.16 billion. This is 27% less than in 2021.

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