ArcelorMittal Q1 Report 2024

ArcelorMittal, the world’s leading integrated steel and mining company, announced results for the three-month period, that ended March 31, 2024.

Highlights

• Health and safety focus: Protecting employee health and wellbeing remains the overarching priority of the Company; the Company-wide audit of safety by dss+ is progressing and will support our pathway to zero serious injuries and fatalities; LTIF2 rate of 0.61x in 1Q 2024
• Recovering volumes and higher steel spreads supporting improved results: Scope adjusted steel shipments17 increased +5.0% in 1Q 2024 vs. 4Q 2023; 1Q 2024 EBITDA14 of $2.0bn (vs. $1.5bn in 4Q 2023) with EBITDA/t of $145/t in 1Q 2024 (vs. $110/t in 4Q 2023). Net income of $0.9bn in 1Q 2024 vs. net loss of $3.0bn (adjusted net income of $1.0bn8) in 4Q 2023
• Free cash flow impacted by seasonal working capital needs: a seasonal working capital investment ($1.7bn)22 together with capex ($1.2bn) in support of strategic growth projects19 led to a free cash outflow during the quarter of $1.4bn
• Financial strength: Net debt of $4.8bn at the end of the quarter (gross debt of $10.2bn and cash and cash equivalents of $5.4bn)12 compares to a net debt of $2.9bn at December 31, 2023. Over the past 12 months net debt has declined by $0.4bn despite strategic growth capex investments of $1.6bn and returns to shareholders totaling $1.7bn25. This highlights the strong underlying cash generating capacity of the business