ArcelorMittal Full-Year Report 2023
- Healthy EBITDA and Free Cashflow: FY 2023 EBITDA of $7.6bn and EBITDA/tonne of $136/t, reflecting structural improvements to profitability. FY 2023 free cash flow (FCF) of $2.9bn ($7.6bn net cash provided by operating activities less $4.6bn capex (which includes $1.4bn strategic growth capex) and $0.2bn minority dividends) with 4Q 2023 FCF of $1.8bn ($3.3bn net cash provided by operating activities less $1.5bn capex)
- Net income impacted by non-cash non-recurring items: Net income of $0.9bn includes a negative $2.4bn impact related to the disposal of the Kazakhstan operations and a $1.4bn impairment of Acciaierie d’Italia (ADI) in Italy. Adjusting for these items, FY 2023 adjusted net income is $4.9bn.
- FY 2023 basic EPS of $1.09 (adjusted basic EPS of $5.78) Financial strength: Net debt of $2.9bn at the end of 2023 (gross debt of $10.7bn, and cash and cash equivalents of $7.8bn) as compared to $2.2bn at the end of 2022.
- As of December 31, 2023, the Company had liquidity of $13.2 billion consisting of cash and cash equivalents of $7.8 billion and $5.4 billion of available credit lines Share repurchases driving enhanced value: Repurchased 45.4m shares in 2023, bringing the total reduction in fully diluted shares outstanding to 33% since the end of September 2020.
- Book value per share increased to $66 over the last 12 months ROE of 8.9%
