ArcelorMittal reduced steel output by 5.5% y/y in the first half of 2023

ArcelorMittal, one of the largest steel producers in the world, in the first half of 2023, reduced steel production by 5.5% compared to the same period in 2022 – to 29.2 million tons. Steel shipments fell by 3.4% y/y – to 28.7 million tons. This is stated in the quarterly report, published on the company’s website.

Iron ore production in January-June fell by 7.7% compared to the same period in 2022 – to 13.1 million tons. Sales of iron ore (only AMMC and Liberia) amounted to 14 million tons, which is 1.4% less than y/y.

In the second quarter of 2023, ArcelorMittal increased steel output by 1.4% compared to the previous quarter, and by 0.7% y/y – to 14.7 million tons. Steel sales fell by 2.1% q/q and 1.4% y/y.

The production of iron ore in April-June 2023 amounted to 6.4 million tons, which is 4.5% less q/q and by 12.3% y/y. Sales of iron ore (only AMMC and Liberia) fell 10.8% q/q for the quarter and 12% y/y – to 6.6 million tons.

«Looking ahead, the company is well positioned and focused on making further strategic progress in the second half of the year,» said CEO ArcelorMittal Aditya Mittal.

As GMK Center reported earlier, ArcelorMittal in 2022 reduced steel production by 14.6% compared to 2021 – 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 – 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.