ArcelorMittal Q3 Report 2022

 

Sales in 3Q 2022 were $19.0 billion as compared to $22.1 billion for 2Q 2022 and $20.2 billion for 3Q 2021. As compared to 2Q 2022, the -14.3% decrease in sales was primarily due to lower average steel selling prices (-11.3%), lower steel shipment volumes and lower iron ore reference prices (-24.8%). Sales in 3Q 2022 were -6.2% lower as compared to 3Q 2021 primarily due to lower steel shipments (-7.1%) and lower iron ore reference prices (-36.5%).
Depreciation for 3Q 2022 was $628 million as compared to $669 million for 2Q 2022 and $590 million in 3Q 2021. Depreciation was lower in 3Q 2022 than 2Q 2022 primarily due to foreign exchange impacts.

Exceptional items for 3Q 2022 of $0.4 billion includes $0.5 billion of non-cash inventory related charges to reflect the net realizable value of inventory under IFRS with declining market prices in Europe and partially offset by a $0.1 billion purchase gain on the acquisition of a Hot Briquetted Iron (‘HBI’) plant in Texas. There were no exceptional items for 2Q 2022. Exceptional items for 3Q 2021 of $123 million related to expected costs for the decommissioning of the dam at the Serra Azul mine in Brazil.

Operating income for 3Q 2022 was $1.7 billion as compared to $4.5 billion in 2Q 2022 and $5.3 billion for 3Q 2021, reflecting negative price-cost effects, lower volumes, higher energy costs and impacted by exceptional items as discussed above