Luxembourg-based ArcelorMittal has announced its financial and operational results for the first quarter of the current year.
In the given quarter, the company reported a net profit of $938 million, as compared to a net loss of $2.97 billion in the fourth quarter last year and a net profit of $1.10 billion in the first quarter last year, while its sales revenues decreased by 12.0 percent year on year and were up by 11.9 percent quarter on quarter to $16.3 billion, reflecting higher average steel selling prices and higher steel shipment volumes. The company registered an EBITDA of $1.96 billion in the first quarter, up by 34.5 percent quarter on quarter and down by 8.6 percent year on year.
ArcelorMittal’s crude steel production increased by 5.1 percent quarter on quarter and declined by 0.7 percent year on year to 14.4 million mt in the first quarter, while its iron ore production amounted to 10.2 million mt, rising by two percent compared to the previous quarter and dropping by 5.6 percent from the first quarter of 2023. In addition, the company’s total steel shipments in the given period came to 13.5 million mt, up by 1.5 percent quarter on quarter and down by 6.9 percent year on year.
“We have an exciting pipeline of growth projects underway, including the 1GW renewables project in India and Vega CMC in Brazil, both of which are expected to commence operations in the first half. Meanwhile, the strategic stake in Vallourec will enhance our exposure to the attractive North American market in the value-added tubular market. We continue to progress with our decarbonization projects, conscious of the need to ensure these investments create value as well as reduce emissions. Maintaining our position as the lead supplier of low carbon steels is a clear priority and the planned ramp-up at Sestao, along with the new EAF in Gijon which will break ground imminently, will both have an important role to play,” Aditya Mittal, CEO of ArcelorMittal, stated.
According to its statement, the company expects that apparent steel demand will rebound, due to the low inventories, particularly in Europe, as soon as real demand begins to gradually improve.