(AOF) – After a net loss of $2.97 billion in the fourth quarter of 2023, ArcelorMittal returned to profit in the first quarter of 2024: $938 million. Ebitda jumped 34.6% to $1.96 billion over this period compared to $1.45 billion in the previous quarter. Operating profit stood at $1.07 billion after an operating loss of $1.98 billion in the fourth quarter of 2023. In addition, the steelmaker’s sales increased by 11.9% between the fourth quarter of 2023. and the first quarter of 2024.
They amounted to $16.28 billion, reflecting an increase in average steel selling prices (4.8%) and steel shipping volumes (1.4%).
ArcelorMittal’s basic earnings per common share for the first quarter of 2024 were $1.16, compared to a loss per common share of $3.57 for the fourth quarter of 2023
“The improved pricing environment, combined with the recovery in volumes, resulted in higher quarterly results, which now reflect the value delivered by our joint ventures,” CEO Aditya Mittal was quoted as saying in the release. of the group.
On the outlook side, the steelmaker expects “that apparent demand for steel outside China will increase between 3 and 4% this year and we are well placed to benefit from this improvement, although the economic climate remains gloomy”, declares the CEO of ArcelorMittal, Aditya Mittal.
The company “remains positive about the outlook for steel demand over the medium to long term.” It believes that it is “in an optimal position to implement its growth and return on investment strategy”.
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