ArcelorMittal Q2 Report 2023

 

Key highlights:

• Improved operating results: A positive price-cost effect, offset in part by a marginal sequential decline in steel
  shipments to 14.2Mt, drove an improvement in 2Q 2023 operating income to $1.9bn (vs. $1.2bn in 1Q 2023); 1H 2023 operating income of $3.1bn vs. $1.3bn in 2H 2022
• Robust per-tonne profitability: EBITDA increased to $2.6bn in 2Q 2023 (vs. $1.8bn in 1Q 2023) with 2Q 2023
  EBITDA/t rising to $183/t (vs. $126/t in 1Q 2023); 1H 2023 EBITDA of $4.4bn vs. $3.9bn in 2H 2022
• Higher net income: $1.9bn in 2Q 2023 (vs. $1.1bn in 1Q 2023) includes share of JV and associates net income
  of $0.4bn (vs. $0.3bn in 1Q 2023); 1H 2023 net income of $3.0bn (vs. $1.3bn in 2H 2022)

Sales for 1H 2023 decreased by -15.6% to $37.1 billion as compared with $44.0 billion for 1H 2022, primarily due to lower steel shipments and -14.7% lower average steel selling prices (prices in the comparison period benefited from restocking demand, following the outbreak of war in Ukraine).

Operating income for 1H 2023 of $3.1 billion was lower as compared to $8.9 billion in 1H 2022 primarily driven by negative pricecost effect (predominantly on account of lower average steel selling prices, with prices in the comparison period benefiting from restocking demand) and lower steel shipments.