ArcelorMittal reports first quarter 2022 results

The Company delivered $1.5bn of free cash flow (FCF) in 1Q 2022 ($2.0bn net cash provided by operating activities less capex of $0.5bn and dividends paid to minorities) despite a $2.0bn investment in working capital, reflecting seasonal as well as market factors (higher selling and raw material prices). Sales in 1Q 2022 were $21.8 billion as compared to $20.8 billion for 4Q 2021 and $16.2 billion for 1Q 2021. As compared to 4Q 2021, the 5.0% increase in sales was primarily due to higher average steel selling prices (+7.5%, supported by positive automotive contract resets), and higher mining revenue primarily due to higher iron ore reference prices (+28.2%), offset in part by lower steel shipment volumes (-2.7%). Sales in 1Q 2022 were +34.8% higher as compared to 1Q 2021 primarily due to significantly higher average steel selling prices (+46.0%) offset in part by lower iron ore reference prices (-15.3%) and the impacts of scope changes.