Luxembourg-headquartered steel manufacturer ArcelorMittal has announced its results for the first quarter (Q1) of 2024.
During the three-month period ended 31 March 2024, net income fell by 14% compared to Q1 2023, from $1.1 billion ($1,096 million) to $938 million, and sales dropped by 12%, from $18.5 billion to $16.3 billion. Compared to the previous quarter (Q4 2023), sales were up by almost 12% (from $14.6 billion).
ArcelorMittal posted a net debt of $4.8 billion at the end of the quarter (gross debt of $10.2 billion and cash and cash equivalents of $5.4 billion), compared to a net debt of $2.9 billion at 31 December 2023 (end of Q3 2023).
Commenting on these results, ArcelorMittal CEO Aditya Mittal said that "the improved pricing environment combined with recovering volumes resulted in sequentially stronger quarterly results, which also now reflect the value contributed by our joint ventures".
He also mentioned the safety aspect, noting that staff were "galvanised to improve safety performance", and highlighted an "exciting pipeline of growth projects", which include the 1GW renewables project in India and Vega CMC in Brazil. Aditya Mittal added that "maintaining our position as the lead supplier of low carbon steels is a clear priority".
The full report is available online at https://corporate.arcelormittal.com/media/press-releases/arcelormittal-reports-first-quarter-2024-results.
