ArcelorMittal Steel Shipments Dipped in H1 2022

SEATTLE (Scrap Monster): Luxembourg-based leading steelmaker ArcelorMittal announced financial results for the half-yearly period ended June 30^th, 2022.

The company reported sales of $44 million during the first six-month period of the current year, compared with $35.5 million during the year-ago six-month period. The crude steel production by the company reported 35.4 million tonnes to 30.9 million tonnes. The total steel shipments too recorded decline from 32.6 million tonnes to 29.7 million tonnes over the previous year.

ArcelorMittal reported very strong financial performance in H1 this year. It generated EBITDA of $10.2 billion, in comparison with $8.3 billion in H1 2021. The net income too surged from $6.3 billion to $8 billion. The free cash flow during Jan-June ’22 stood at $3.2 billion, significantly higher when matched with $2.0 billion during the corresponding half yearly period in 2021.

Commenting on the solid results, Aditya Mittal, Chief Executive Officer said that the company expects to continue executing its strategy, driven by the inherent strength of its business, despite fears of tempered market in the second half of the year. The company will continue to invest in new opportunities and return value to its shareholders by focusing on its previously announced priorities, he added.

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