Luxembourg-based ArcelorMittal, the world’s largest steelmaker, has announced its financial results for the first quarter of the current year.
For the first quarter this year, ArcelorMittal has posted a net profit of $1.09 billion, as compared to a net profit in the fourth quarter last year of $261 million and a net profit of $4.12 billion in the first quarter last year. The company’s sales revenues in the given period decreased by 15.2 percent year on year and were up by 9.5 percent quarter on quarter to $18.5 billion, due to higher steel shipment volumes offset in part by lower average steel selling prices. The company registered an EBITDA of $1.82 billion in the first quarter, up 44.4 percent quarter on quarter and falling by 64.1 percent year on year.
ArcelorMittal’s crude steel production increased by 9.8 percent to 14.5 million mt in the first quarter, while its iron ore production rose by 0.9 percent to 10.8 million mt, both compared to the previous quarter. The company’s total steel shipments in the given period amounted to 14.5 million mt, up by 15 percent quarter on quarter.
The company’s crude steel production in Europe increased by 11.9 percent quarter on quarter to 7.78 million mt in the first quarter. As apparent demand conditions in the EU have improved following the aggressive destocking in the second half of 2022, the company gradually restarted previously curtailed capacity during the quarter to meet demand.
In late March this year, ArcelorMittal temporarily suspended a blast furnace at Gijon, Spain, and a blast furnace at Dunkirk, France, due to fire incidents, as SteelOrbis previously reported. The company’s production at the furnaces is not expected to return to normal levels until June this year.
According to its statement, the company expects a further increase in profitability in the second quarter. In addition, ArcelorMittal anticipates its steel shipments to grow by five percent year on year in 2023.