ArcelorMittal Steel Shipments Cooled Off in H1 2023

SEATTLE (Scrap Monster): ArcelorMittal published its interim financial report for the initial six-month period of the current year.

For the half-yearly period ending June 30, 2023, the steelmaker reported sales of f $37.1 billion, as compared with sales of $44 billion a year before. The steel shipments and crude steel production totalled 28.7 million tonnes and 29.2 million tonnes respectively, compared with 29.7 million tonnes and 30.9 million tonnes during the same six-month period in 2022. The iron-ore production too recorded decline from 24 million tonnes in H1 last year to 21.3 million tonnes during the first six months of 2023.

The EBITDA witnessed continuous improvement from the fourth quarter of 2022. The EBITDA rose significantly from $1.8 billion in the first quarter of 2023 to $2.6 billion in the second quarter of 2023. The EBITDA for H1 2023 stood at $4.4 billion, compared with $3.9 billion in H1 2022.

The new acquisitions by the company, especially ArcelorMittal Pecem in Brazil and ArcelorMittal Texas HBI, contributed strongly to its performance. The internal growth projects too have added value. Meantime, the expansion of its AMNS India joint venture project continued to make progress, the report said.