ArcelorMittal sees over 50 pc fall in net income in Apr-Jun
The company had posted a net income of $3,923 million in the corresponding period of last year.
NEW DELHI: Global steel giant ArcelorMittal on Thursday posted over 50 per cent decline in its net income at $1,860 million in the April-June quarter.
The company had posted a net income of $3,923 million in the corresponding period of last year.
The Luxembourg-headquartered integrated steel and mining company follows the January-December fiscal year.
In a statement, ArcelorMittal said it has “recorded net income in 2Q 2023 of $1,860 million as compared to $1,096 million in 1Q 2023 and $3,923 million for 2Q 2022”.
ArcelorMittal’s net income for January-June or first half of 2023 was also down manifold at $2,956 million as compared to $8,048 million in 1H 2022.
Total steel shipments in the second quarter (April-June) of 2023 were 1.2 per cent lower as compared with 14.4 MT in 2Q 2022, and 1.7 per cent lower from 14.5MT in the first quarter of this year.
ArcelorMittal CEO Aditya Mittal said: “We have delivered a strong set of financials in the first half of the year, which reflect the improved market conditions and also the positive impact of recent strategic acquisitions. We are making further strategic progress on our decarbonization agenda. Encouragingly, we have now received funding approval from the European Commission for our transformation projects in Belgium, Spain and France.”
Meanwhile, organic growth projects that will “enhance our ability to produce higher added-value products in high-growth markets as well as investments in our lower-carbon supply chains” are starting to demonstrate their potential, he said.
ArcelorMittal Nippon Steel India, the joint venture company of ArcelorMittal in India, has reported an EBITDA of $563 million during Q2, higher as compared to $365 million in 2Q 2022, due to higher steel shipments and lower costs.