ArcelorMittal Announced Q4 and Full Year 2023 Results

SEATTLE (Scrap Monster): ArcelorMittal declared results for the three-month and twelve-month periods ended 31^st December, 2023.

The company reported net income of $0.9 billion for the full year, down significantly from $9.3 million during 2022. The adjusted net income stood at $4.9 billion. The sales recorded 14.5% decline over the year to $68.3 billion in 2023. The comparable sales in 2022 were $79.8 billion. The crude steel production too witnessed a decline from 59 Mt in 2022 to 58.1 Mt in 2023.

The Luxembourg-based steel giant posted net loss of $2,966 million during Q4 2023, mainly driven by lower steel prices. The company had posted net income of $261 million in the year-ago-quarter. The quarterly sales witnessed a decline from $16.9 billion in Q4 2022 to $14.6 billion in Q4 last year. The total steel shipments stood at 13.3 Mt, as against 12.6 Mt in the December quarter of 2022.

The net debt at the end of 2023 stood at $2.9 billion, compared with $2.2 billion at end-2022, said the company press release.

Commenting on the results, Aditya Mittal, Chief Executive Officer said that the company reported healthy profitability per tonne, well above long-term averages, despite increasingly challenging operating environment. The full year results reflect the benefits of the structural improvements to its cost base, asset portfolio and balance sheet in recent years, he added.