ArcelorMittal Net Income Plummeted in Q1 2023

SEATTLE (Scrap Monster): ArcelorMittal announced results for the three-month period ended March 31, 2023.

The company posted 74.43% dip in net income for the first quarter. The net income was down at $1,096 million during the quarter, as compared with $4,125 million in the year-ago quarter. It must be noted that the net income had totalled $261 million in the fourth quarter of 2022, said the company press release.

ArcelorMittal posted Q1 2023 operating income of $1.2 billion, EBITDA of $1.8 billion and EBITDA per tonne of $126 during the quarter. The company ended the quarter with a net debt of $5.2 billion, compared to $2.2 billion at the end of the prior quarter. The capex during the quarter stood at $0.9 billion, which was in line with the full year 2023 guidance of $4.5-$5 billion.

Commenting on the results, Aditya Mittal, Chief Executive Officer, ArcelorMittal noted that market conditions displayed notable improvement in the first quarter of the year, as anticipated. This was not fully reflected in results due to pricing lags. The apparent steel consumption recorded growth and steel spreads rebounded. The company expects further increase in profitability during the upcoming quarter, he added.