Luxembourg, May 2,
2024 - ArcelorMittal (referred to as
“ArcelorMittal” or the “Company” or the "Group") (MT (New York,
Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading
integrated steel and mining company, today announced results1 for
the three-month period ended March 31, 2024.
1Q 2024 key 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
Key developments towards strategic
objectives:
- Organic growth: Capex in 1Q 2024 includes
$0.4bn on strategic growth projects21, which are estimated to add
approximately $1.8bn to the Company's EBITDA13 potential by the end
of 2026; strategic projects to commence operations in 1H 2024
include Vega CMC (Brazil) and the 1GW renewables project in India;
2H 2024 projects include Calvert EAF (US), Serra Azul and Barra
Mansa in Brazil, electrical steel in Europe and mine expansion in
Liberia
- Asset portfolio: The Company has agreed to
acquire a 28% stake in Vallourec for ~$1.1bn, increasing its
exposure to the downstream value-added tubular market; targeting
premium segments in the America's market, including a focus on
energy transition solutions (CCS and hydrogen); transaction closing
is subject to regulatory approvals and currently expected in 2H
2024
- Consistent shareholder returns: The Company
has repurchased a further 22.5m shares10 in 1Q 2024, bringing the
total reduction in diluted shares to 35% since September 30, 20207.
This has contributed to an increase in the book value per share to
$67/sh4 at the end of the quarter. The Company will continue to
return a minimum 50% of post-dividend FCF to shareholders through
its share buyback programs. The $0.50/sh base dividend for 2023
will be paid in 2 equal installments in June 2024 and December
2024
Financial highlights (on the basis of
IFRS1):
(USDm) unless otherwise shown |
1Q 24 |
4Q 23 |
3Q 23 |
2Q 23 |
1Q 23 |
Sales |
16,282 |
14,552 |
16,616 |
18,606 |
18,501 |
Operating income/(loss) |
1,072 |
(1,980) |
1,203 |
1,925 |
1,192 |
Net income/(loss) attributable to equity holders of the parent |
938 |
(2,966) |
929 |
1,860 |
1,096 |
Adjusted net income attributable to equity holders of the
parent8 |
938 |
982 |
929 |
1,860 |
1,096 |
Basic earnings/(loss) per common share (US$) |
1.16 |
(3.57) |
1.11 |
2.21 |
1.28 |
Adjusted basic earnings per common share (US$)8 |
1.16 |
1.18 |
1.11 |
2.21 |
1.28 |
|
|
|
|
|
|
Operating income/(loss)/tonne (US$/t) |
80 |
(149) |
88 |
136 |
82 |
EBITDA14 |
1,956 |
1,454 |
2,150 |
2,998 |
2,140 |
EBITDA /tonne (US$/t) |
145 |
110 |
157 |
211 |
148 |
|
|
|
|
|
|
Crude steel production (Mt) |
14.4 |
13.7 |
15.2 |
14.7 |
14.5 |
Steel shipments (Mt) |
13.5 |
13.3 |
13.7 |
14.2 |
14.5 |
Total Group iron ore production (Mt) |
10.2 |
10.0 |
10.7 |
10.5 |
10.8 |
Iron ore production (Mt) (AMMC and Liberia only) |
6.5 |
6.2 |
6.7 |
6.4 |
6.7 |
Iron ore shipment (Mt) (AMMC and Liberia only) |
6.3 |
6.1 |
6.3 |
6.6 |
7.4 |
|
|
|
|
|
|
Weighted average common shares outstanding (in millions) |
809 |
830 |
838 |
842 |
859 |
Commenting, Aditya Mittal, ArcelorMittal Chief Executive
Officer, said:
“Across the Company our people are galvanized to improve safety
performance. The 3rd party safety audit, which started at the end
of December, is now well underway and on target to be completed in
September. We expect this to make valuable recommendations that,
combined with the considerable efforts already underway, will
enable us to deliver the safety results we are striving for.
“On financial performance, the improved pricing environment
combined with recovering volumes resulted in sequentially stronger
quarterly results, which also now reflect the value contributed by
our joint ventures.
“We have an exciting pipeline of growth projects underway,
including the 1GW renewables project in India and Vega CMC in
Brazil, both of which are expected to commence operations in the
first half. Meanwhile the strategic stake in Vallourec will enhance
our exposure to the attractive North American market in the
value-added tubular market. We continue to progress with our
decarbonization projects, conscious of the need to ensure these
investments create value as well as reduce emissions.
“Maintaining our position as the lead supplier of low carbon
steels is a clear priority and the planned ramp-up at Sestao, along
with the new EAF in Gijon which will break ground imminently, will
both have an important role to play. Meanwhile our XCarb® recycled
and renewably produced steel will be on show to the world during
the Paris Olympics, in both the Olympic and Paralympic torches and
also the Spectacular which will be erected on the Eiffel Tower.
“Although overall economic sentiment remains subdued, we expect
apparent steel demand ex-China to grow between +3% and +4% this
year and are well positioned to benefit from this improvement.”
Safety and sustainable development
Health and safety
The Company- wide audit of safety by dss+ is
progressing and will support our pathway to zero serious injuries
and fatalities. The audit will encompass the three pillars of
fatality prevention standards, process risk management and
governance. Key updates on the progress of the audit include:
- 30% Fatality Prevention Standards (FPS) audit are complete of
sites above 150 full time equivalents (employees and contractors).
Audits cover the three main occupational risks (injured by a
machine that was not properly isolated or turned off, crushed by
vehicle or moving machine, and falling from height) leading to
serious injuries and fatalities
- 47% of process safety risk management assessments are complete.
dss+ will observe and assess our Group CTO led assessments of the
highest priority countries and assets.
- 83% of interviews held as part of top-to-bottom health and
safety governance review. dss+ will assess all health and safety
systems, processes, structures and capabilities; governance and
assurance processes and systems and data management.
Key recommendations are due to be published in
September 2024 when the audit is complete.
Own personnel and contractors – Lost
Time Injury Frequency rate
|
1Q 24 |
4Q 23 |
3Q 23 |
2Q 23 |
1Q 23 |
North America |
— |
0.40 |
0.09 |
0.25 |
0.09 |
Brazil |
0.08 |
0.18 |
0.22 |
0.30 |
0.34 |
Europe |
1.28 |
1.50 |
1.50 |
1.51 |
1.19 |
Sustainable Solutions |
0.89 |
0.59 |
0.65 |
1.10 |
0.81 |
Mining |
0.16 |
— |
0.19 |
— |
0.24 |
Others |
0.76 |
3.08 |
1.45 |
0.60 |
0.61 |
Total |
0.61 |
1.34 |
0.94 |
0.73 |
0.64 |
Sustainable development
highlights:
- Progressing the engineering of our
DRI/ EAF decarbonization projects, across Europe and Canada, which
is expected to be completed by the end of this year. For these
projects, the Company is also working with country governments to
have visibility of the energy costs and capacity. At the same time,
the Company is piloting CCS projects in Belgium and France. All the
steps that the Company is taking today support our strategy to
achieve competitive decarbonization, aiming for our technology
choices at each asset to maximize our competitive advantage and
deliver an acceptable return on investment.
- In Brazil, ArcelorMittal and
Petrobras have signed a memorandum of understanding to assess
potential business models for low-carbon fuels, hydrogen and its
products, renewable energy production and CCS (carbon capture and
storage). This follows a joint study to develop a CCS hub in the
state of Espirito Santo.
- The Company has demonstrated the
ability to produce a wide variety of different grades and types of
XCarb® recycled and renewably produced11 products for a multitude
of customer applications. Sales of our XCarb® product, which can
have a carbon footprint of as low as 300kg CO2/t, reached 229kt in
2023, and are expected to more than double in 2024.
Analysis of results for 1Q 2024 versus 4Q
2023
Sales in 1Q 2024 were +11.9% higher at $16.3 billion as compared
to $14.6 billion in 4Q 2023, reflecting higher average steel
selling prices (+4.8%) and higher steel shipment volumes (+1.4%).
On a scope adjusted basis (i.e. excluding Kazakhstan operations
that were sold on December 7, 2023) 1Q 2024 steel shipments were
+5.0% higher as compared to 4Q 2023.
The improvement in operating income in 1Q 2024 to $1.1 billion
reflects higher steel shipments and a recovery in steel spreads
(primarily due to an increase in steel prices).
EBITDA in 1Q 2024 increased by +34.6% to $1,956 million as
compared to $1,454 million in 4Q 2023, primarily due to improved
results in North America, Brazil, Europe and India and JVs offset
by lower Mining segment results.
ArcelorMittal recorded net income in 1Q 2024 of $0.9 billion as
compared to a net loss of $3.0 billion in 4Q 2023. This is lower
than the adjusted net income8 of $1.0 billion in 4Q 2023 (which
excludes the impacts of non-cash impairments and charges related to
the sale of Kazakhstan operations) largely due to higher income tax
expenses offset in part by the non-cash mark-to-market gain of $181
million on the Vallourec share price24.
ArcelorMittal's basic earnings per common share for 1Q 2024 was
$1.16 as compared to a loss per common share of $3.57 in 4Q 2023
(adjusted basic earnings per common share8 of $1.18 in 4Q
2023).
Free cash outflow during 1Q 2024 of $1.4 billion22 was
negatively impacted by a seasonal working capital investment of
$1.7 billion together with capex of $1.2 billion in support of
strategic growth projects19,20. This together with the $0.6 billion
share buybacks offset in part by the sale of the 4.23% remaining
stake in Erdemir (generating proceeds of $0.2 billion) mainly led
to an increase in net debt to $4.8 billion at March 31, 2024 as
compared to $2.9 billion at December 31, 2023. Over the past 12
months, net debt declined by $0.4 billion, despite a $1.6 billion
investment in strategic growth capex and returns to shareholders
totaling $1.7 billion during the period.
Analysis of
operations14
North America
(USDm) unless otherwise shown |
1Q 24 |
4Q 23 |
3Q 23 |
2Q 23 |
1Q 23 |
Sales |
3,347 |
2,942 |
3,188 |
3,498 |
3,350 |
Operating income |
585 |
280 |
520 |
662 |
455 |
Depreciation |
(120) |
(157) |
(125) |
(127) |
(126) |
EBITDA |
705 |
437 |
645 |
789 |
581 |
Crude steel production (Kt) |
2,180 |
2,185 |
2,122 |
2,244 |
2,176 |
- Flat shipments (Kt) |
2,245 |
2,028 |
1,938 |
2,046 |
2,208 |
- Long shipments (Kt) |
666 |
709 |
667 |
667 |
691 |
Steel shipments* (Kt) |
2,796 |
2,590 |
2,527 |
2,604 |
2,843 |
Average steel selling price (US$/t) |
1,042 |
948 |
1,043 |
1,116 |
994 |
* North America steel shipments include slabs
sourced by the segment from Group companies (mainly the Brazil
segment) and sold to the Calvert JV (eliminated in the Group
consolidation). These shipments can vary between periods due to
slab sourcing mix and timing of vessels. 1Q'24 481kt, 4Q'23 432kt,
3Q'23 393kt, 2Q'23 360kt and 1Q'23 474kt.
Sales in 1Q 2024 increased by +13.8% to $3.3 billion, as
compared to $2.9 billion in 4Q 2023 primarily on account of higher
average steel selling prices +9.9% and +8.0% increase in steel
shipments, driven primarily by improved demand for flat
products.
Operating income in 1Q 2024 increased by +108.9%
to $585 million as compared to $280 million in 4Q 2023, due to a
positive price-cost effect, primarily due to higher average steel
selling prices and higher steel shipments.
EBITDA in 1Q 2024 of $705 million was +61.4% higher as compared
to $437 million in 4Q 2023, due to a positive price-cost effect and
higher steel shipments.
Brazil9
(USDm) unless otherwise shown |
1Q 24 |
4Q 23 |
3Q 23 |
2Q 23 |
1Q 23 |
Sales |
3,051 |
2,709 |
3,560 |
3,826 |
3,068 |
Operating income |
302 |
171 |
414 |
553 |
323 |
Depreciation |
(94) |
(77) |
(87) |
(105) |
(72) |
EBITDA |
396 |
248 |
501 |
658 |
395 |
Crude steel production (Kt) |
3,564 |
3,533 |
3,669 |
3,732 |
3,052 |
- Flat shipments (Kt) |
2,137 |
2,402 |
2,328 |
2,363 |
1,740 |
- Long shipments (Kt) |
1,061 |
1,171 |
1,283 |
1,234 |
1,217 |
Steel shipments (Kt) |
3,180 |
3,562 |
3,599 |
3,583 |
2,937 |
Average steel selling price (US$/t) |
886 |
852 |
932 |
1,001 |
978 |
Sales in 1Q 2024 increased by +12.6% to $3.1 billion as compared
to $2.7 billion in 4Q 2023, primarily due to a +4.0% increase in
average steel selling prices and offset in part by -10.7% decline
in steel shipments, impacted by shipment timing delays, a seasonal
inventory build and lower domestic demand in Argentina. 4Q 2023
sales were impacted by translation impacts from the devaluation of
the Argentinian peso.
Operating income in 1Q 2024 of $302 million was +76.7% higher as
compared to $171 million in 4Q 2023, which had been impacted by the
devaluation of the Argentinian peso.
EBITDA in 1Q 2024 increased by +59.8% to $396 million as
compared to $248 million in 4Q 2023 mainly due to a positive
price-cost effect (higher selling prices and lower costs), offset
in part by lower steel shipments. 4Q 2023 was also negatively
impacted by the devaluation of the Argentinian peso (approximately
$80 million).
Europe
(USDm) unless otherwise shown |
1Q 24 |
4Q 23 |
3Q 23 |
2Q 23 |
1Q 23 |
Sales |
7,847 |
6,627 |
7,302 |
8,686 |
9,080 |
Operating income/ (loss) |
69 |
(4) |
139 |
436 |
308 |
Depreciation |
(274) |
(287) |
(278) |
(270) |
(263) |
EBITDA |
343 |
283 |
417 |
706 |
571 |
Crude steel production (Kt) |
7,604 |
6,540 |
7,398 |
6,827 |
7,680 |
- Flat shipments (Kt) |
5,302 |
4,570 |
4,483 |
5,049 |
5,468 |
- Long shipments (Kt) |
1,939 |
1,840 |
1,945 |
2,068 |
2,148 |
Steel shipments (Kt) |
7,236 |
6,407 |
6,425 |
7,114 |
7,613 |
Average steel selling price (US$/t) |
945 |
935 |
980 |
1,048 |
1,008 |
Sales in 1Q 2024 increased by +18.4% to $7.8 billion, as
compared to $6.6 billion in 4Q 2023, primarily due to improved
shipment volumes, following the end of destocking which impacted
the prior quarter.
Operating income in 1Q 2024 was $69 million as compared to an
operating loss of $4 million in 4Q 2023 primarily due to higher
steel shipment volumes offset in part by higher costs.
EBITDA in 1Q 2024 of $343 million increased by +21.1% as
compared to $283 million in 4Q 2023, mainly due to higher steel
shipments offset in part by higher costs.
India and JVs
Income from associates, joint-ventures and other
investments (excluding impairments and exceptional items, if any)
for 1Q 2024 was higher at $242 million as compared to $188 million
in 4Q 2023, primarily due to higher contributions from Calvert,
European and American investees partially offset by the reduced
income from AMNS India.
ArcelorMittal has investments in various joint
ventures and associate entities globally. The Company considers
Calvert (50% equity interest) and AMNS India (60% equity interest)
joint ventures to be of particular strategic importance, warranting
more detailed disclosures to improve the understanding of their
operational performance and value to the Company.
AMNS India
(USDm) unless otherwise shown |
1Q 24 |
4Q 23 |
3Q 23 |
2Q 23 |
1Q 23 |
Production (Kt) (100% basis) |
1,984 |
1,964 |
1,942 |
1,792 |
1,765 |
Shipments (Kt) (100% basis) |
2,016 |
1,868 |
1,874 |
1,679 |
1,830 |
Sales (100% basis) |
1,815 |
1,712 |
1,680 |
1,606 |
1,712 |
EBITDA (100% basis) |
312 |
499 |
533 |
563 |
341 |
AMNS India recorded 2.0Mt of crude steel
production in 1Q 2024 reaching an 8.1Mt annual run-rate in March
2024 (close to 8.6Mt capacity debottlenecking target).
Record steel shipments in 1Q 2024 of 2.0Mt, an increase of +7.9%
as compared to 4Q 2023, and includes higher exports.
EBITDA during 1Q 2024 declined by -37.5% to $312 million as
compared to $499 million in 4Q 2023, driven by a negative
price-cost effect including a lower impact from natural gas hedges,
offset in part by higher shipments.
Calvert16
(USDm) unless otherwise shown |
1Q 24 |
4Q 23 |
3Q 23 |
2Q 23 |
1Q 23 |
Production (Kt) (100% basis) |
1,216 |
1,052 |
1,178 |
1,198 |
1,226 |
Shipments (Kt) (100% basis) |
1,131 |
1,079 |
1,063 |
1,157 |
1,170 |
Sales (100% basis) |
1,236 |
1,114 |
1,195 |
1,328 |
1,223 |
EBITDA (100% basis) |
188 |
90 |
105 |
142 |
37 |
Calvert production in 1Q 2024 improved +15.6% following planned
maintenance in 4Q 2023.
Calvert EBITDA during 1Q 2024 of $188 million represented a
+109.1% increase as compared to $90 million in 4Q 2023 primarily
due to higher average selling prices and an improved mix with
higher share of automotive shipments.
Sustainable
Solutions23
(USDm) unless otherwise shown |
1Q 24 |
4Q 23 |
3Q 23 |
2Q 23 |
1Q 23 |
Sales |
2,889 |
2,457 |
2,680 |
3,218 |
3,112 |
Operating income |
26 |
15 |
21 |
120 |
69 |
Depreciation |
(44) |
(38) |
(35) |
(39) |
(31) |
EBITDA |
70 |
53 |
56 |
159 |
100 |
Sales in 1Q 2024 was higher at $2.9 billion as
compared to $2.5 billion in 4Q 2023 due to higher activity
levels.
Operating income in 1Q 2024 was higher at $26
million as compared to $15 million in 4Q 2023.
EBITDA in 1Q 2024 of $70 million was +31.8% higher as compared
to $53 million in 4Q 2023, with improved margins in the Projects
business and higher activity levels in Distribution & Service
Centers, offset in part by a seasonally weaker Construction
business.
Mining
(USDm) unless otherwise shown |
1Q 24 |
4Q 23 |
3Q 23 |
2Q 23 |
1Q 23 |
Sales |
729 |
764 |
729 |
680 |
904 |
Operating income |
246 |
270 |
275 |
225 |
374 |
Depreciation |
(65) |
(69) |
(57) |
(56) |
(56) |
EBITDA |
311 |
339 |
332 |
281 |
430 |
Iron ore production (Mt) |
6.5 |
6.2 |
6.7 |
6.4 |
6.7 |
Iron ore shipment (Mt) |
6.3 |
6.1 |
6.3 |
6.6 |
7.4 |
Note: Mining segment comprises iron ore operations of
ArcelorMittal Mines Canada (AMMC) and ArcelorMittal Liberia.
Operating income in 1Q 2024 was -9.0% lower at $246 million as
compared to $270 million in 4Q 2023 driven by lower iron ore
reference prices and higher freight costs offset in part by higher
iron ore shipments despite Liberia rail not operating at
capacity.
EBITDA in 1Q 2024 of $311 million was -8.3% lower as compared to
$339 million in 4Q 2023, due to lower iron ore reference prices
(-3.8%) and higher freight costs offset in part by higher iron ore
shipments.
Other recent developments
- On April 22, 2024, ArcelorMittal Calvert, wholly owned by
ArcelorMittal, announced that it is planning for an advanced
manufacturing facility in Calvert, Alabama that could deliver
150,000 metric tons (Mt) of domestic production capacity of
non-grain-oriented electrical steel (NOES) annually. The U.S.
Department of Energy (DOE) defined electrical steel as a critical
material for energy as part of its 2023 Critical Materials
Assessment. In support of this clean energy project, ArcelorMittal
Calvert has been awarded $280.5 million in investment tax credits
from the U.S. Internal Revenue Service (IRS) as part of the
Qualifying Advanced Energy Project Credit (48C) program, funded by
the Inflation Reduction Act of 2022 (IRA). The 48C program, which
provides a tax credit of up to 30% for investments in advanced
energy projects, is designed to support secure and resilient
domestic clean energy supply chains.
- On March 19, 2024, ArcelorMittal announced that Kleber Silva to
be the new Chief Executive Officer of the Mining segment. Kleber is
re-joining ArcelorMittal after leaving the group in 2017. Kleber
has an extensive experience of 35 years in mining and metal
industries, with great achievements in safety, value creation,
growth, turnaround, and operational excellence. He began his career
in 1988 at MBR and Vale. Since then, he has held various senior
operation responsibilities within Eramet, Vale Brazil and at Québec
Cartier Mining Company in Canada (later ArcelorMittal Mines
Canada).
Outlook
Overall economic sentiment remains subdued with customers
maintaining a “wait and see” approach with no restocking yet
apparent. Nevertheless, sentiment appears to have reached a floor
and given the low inventory environment (particularly Europe) as
soon as real demand begins to gradually improve, apparent demand is
expected to rebound. The Company continues to forecast World
ex-China apparent steel consumption ("ASC") to grow +3.0% to +4.0%
in 2024, including: +1.5% to +3.5% in US; +2.0% to +4.0% in Europe;
+0.5% to +2.5% in Brazil and +6.5% to +8.5% in India.
The Company remains positive on the medium/long-term steel
demand outlook and believes that it is optimally positioned to
execute its strategy of growth with capital returns.
Capex in 2024 is expected to remain within the $4.5-$5.0 billion
range (of which $1.4-$1.5 billion is expected as strategic growth
capex).
ArcelorMittal Condensed Consolidated Statements of
Financial Position1
In millions of U.S. dollars |
Mar 31, 2024 |
Dec 31, 2023 |
Mar 31, 2023 |
ASSETS |
|
|
|
Cash and cash equivalents |
5,437 |
7,783 |
6,290 |
Trade accounts receivable and other |
4,403 |
3,661 |
4,989 |
Inventories |
18,372 |
18,759 |
19,820 |
Prepaid expenses and other current assets |
3,462 |
3,037 |
4,655 |
Total Current Assets |
31,674 |
33,240 |
35,754 |
|
|
|
|
Goodwill and intangible assets |
5,016 |
5,102 |
5,023 |
Property, plant and equipment |
33,477 |
33,656 |
32,900 |
Investments in associates and joint ventures |
10,141 |
10,078 |
10,904 |
Deferred tax assets |
9,521 |
9,469 |
8,571 |
Other assets |
2,118 |
2,372 |
2,108 |
Total Assets |
91,947 |
93,917 |
95,260 |
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
Short-term debt and current portion of long-term debt |
1,873 |
2,312 |
2,827 |
Trade accounts payable and other |
12,674 |
13,605 |
13,312 |
Accrued expenses and other current liabilities |
5,890 |
5,852 |
6,687 |
Total Current Liabilities |
20,437 |
21,769 |
22,826 |
|
|
|
|
Long-term debt, net of current portion |
8,348 |
8,369 |
8,650 |
Deferred tax liabilities |
2,330 |
2,432 |
2,596 |
Other long-term liabilities |
5,175 |
5,279 |
5,067 |
Total Liabilities |
36,290 |
37,849 |
39,139 |
|
|
|
|
Equity attributable to the equity holders of the parent |
53,591 |
53,961 |
53,974 |
Non-controlling interests |
2,066 |
2,107 |
2,147 |
Total Equity |
55,657 |
56,068 |
56,121 |
Total Liabilities and Shareholders’ Equity |
91,947 |
93,917 |
95,260 |
ArcelorMittal Condensed Consolidated Statements of
Operations1
|
Three months ended |
In millions of U.S. dollars unless otherwise shown |
Mar 31, 2024 |
Dec 31, 2023 |
Sept 30, 2023 |
Jun 30, 2023 |
Mar 31, 2023 |
Sales |
16,282 |
14,552 |
16,616 |
18,606 |
18,501 |
Depreciation (B) |
(642) |
(703) |
(662) |
(680) |
(630) |
Impairment items5 (B) |
— |
(112) |
— |
— |
— |
Impact on disposal of Kazakhstan operations6 (B) |
— |
(2,431) |
— |
— |
— |
Operating income(loss) (A) |
1,072 |
(1,980) |
1,203 |
1,925 |
1,192 |
Operating margin % |
6.6% |
(13.6)% |
7.2% |
10.3% |
6.4% |
|
|
|
|
|
|
Income from associates, joint ventures and other investments
(excluding impairments) (C) |
242 |
188 |
285 |
393 |
318 |
Impairments of associates, joint ventures and other
investments15 |
— |
(1,405) |
— |
— |
— |
Net interest expense |
(63) |
(3) |
(31) |
(47) |
(64) |
Foreign exchange and other net financing (loss) |
(80) |
(240) |
(224) |
(133) |
(117) |
Income(loss) before taxes and non-controlling
interests |
1,171 |
(3,440) |
1,233 |
2,138 |
1,329 |
Current tax expense |
(321) |
(128) |
(282) |
(316) |
(282) |
Deferred tax benefit |
124 |
582 |
10 |
85 |
93 |
Income tax (expense)/benefit (net) |
(197) |
454 |
(272) |
(231) |
(189) |
Income(loss) including non-controlling
interests |
974 |
(2,986) |
961 |
1,907 |
1,140 |
Non-controlling interests (income)loss |
(36) |
20 |
(32) |
(47) |
(44) |
Net income/(loss) attributable to equity holders of the
parent |
938 |
(2,966) |
929 |
1,860 |
1,096 |
|
|
|
|
|
|
Basic earnings/(loss) per common share ($) |
1.16 |
(3.57) |
1.11 |
2.21 |
1.28 |
Diluted earnings/(loss) per common share ($) |
1.16 |
(3.57) |
1.10 |
2.20 |
1.27 |
|
|
|
|
|
|
Weighted average common shares outstanding (in millions) |
809 |
830 |
838 |
842 |
859 |
Diluted weighted average common shares outstanding (in
millions) |
811 |
830 |
841 |
845 |
862 |
|
|
|
|
|
|
OTHER INFORMATION |
|
|
|
|
|
EBITDA (A-B+C) |
1,956 |
1,454 |
2,150 |
2,998 |
2,140 |
EBITDA Margin % |
12.0% |
10.0% |
12.9% |
16.1% |
11.6% |
|
|
|
|
|
|
Total Group iron ore production (Mt) |
10.2 |
10.0 |
10.7 |
10.5 |
10.8 |
Crude steel production (Mt) |
14.4 |
13.7 |
15.2 |
14.7 |
14.5 |
Steel shipments (Mt) |
13.5 |
13.3 |
13.7 |
14.2 |
14.5 |
ArcelorMittal Condensed Consolidated Statements of Cash
flows1
|
Three months ended |
In millions of U.S. dollars |
Mar 31, 2024 |
Dec 31, 2023 |
Sept 30, 2023 |
Jun 30, 2023 |
Mar 31, 2023 |
Operating activities: |
|
|
|
|
|
Income/(loss) attributable to equity holders of the
parent |
938 |
(2,966) |
929 |
1,860 |
1,096 |
Adjustments to reconcile net income to net cash provided by
operations: |
|
|
|
|
|
Non-controlling interests income(loss) |
36 |
(20) |
32 |
47 |
44 |
Depreciation and impairment5 |
642 |
815 |
662 |
680 |
630 |
Impact on disposal of Kazakhstan operations6 |
— |
2,431 |
— |
— |
— |
Income from associates, joint ventures and other investments |
(242) |
(188) |
(285) |
(393) |
(318) |
Impairment of equity-method investments15 |
— |
1,405 |
— |
— |
— |
Deferred tax benefit |
(124) |
(582) |
(10) |
(85) |
(93) |
Change in working capital |
(1,719) |
2,470 |
(269) |
178 |
(775) |
Other operating activities (net) |
369 |
(37) |
222 |
(200) |
365 |
Net cash (used) provided by operating activities
(A) |
(100) |
3,328 |
1,281 |
2,087 |
949 |
Investing activities: |
|
|
|
|
|
Purchase of property, plant and equipment and intangibles (B) |
(1,236) |
(1,450) |
(1,165) |
(1,060) |
(938) |
Other investing activities (net)18 |
274 |
464 |
187 |
45 |
(1,931) |
Net cash used in investing activities |
(962) |
(986) |
(978) |
(1,015) |
(2,869) |
Financing activities: |
|
|
|
|
|
Net (payments)proceeds relating to payable to banks and long-term
debt |
(334) |
(195) |
262 |
(1,011) |
(390) |
Dividends paid to ArcelorMittal shareholders |
— |
(184) |
— |
(185) |
— |
Dividends paid to minorities (C) |
(77) |
(31) |
(66) |
(12) |
(53) |
Share buyback |
(597) |
(466) |
(38) |
(227) |
(477) |
Lease payments and other financing activities (net) |
(52) |
(53) |
(56) |
(55) |
(429) |
Net cash (used) provided by financing
activities |
(1,060) |
(929) |
102 |
(1,490) |
(1,349) |
Net (decrease)increase in cash and cash equivalents |
(2,122) |
1,413 |
405 |
(418) |
(3,269) |
Effect of exchange rate changes on cash |
(190) |
128 |
(85) |
64 |
148 |
Change in cash and cash equivalents |
(2,312) |
1,541 |
320 |
(354) |
(3,121) |
|
|
|
|
|
|
Free cash flow (A+B+C) |
(1,413) |
1,847 |
50 |
1,015 |
(42) |
Appendix 1: Capital
expenditures1
(USDm) |
1Q 24 |
4Q 23 |
3Q 23 |
2Q 23 |
1Q 23 |
North America |
111 |
117 |
72 |
122 |
115 |
Brazil |
203 |
292 |
243 |
215 |
167 |
Europe |
443 |
398 |
367 |
312 |
321 |
Sustainable Solutions |
160 |
322 |
150 |
84 |
55 |
Mining |
235 |
205 |
207 |
204 |
168 |
Others |
84 |
116 |
126 |
123 |
112 |
Total |
1,236 |
1,450 |
1,165 |
1,060 |
938 |
Appendix 2: Debt repayment schedule as of March 31,
2024
(USD billion) |
2024 |
2025 |
2026 |
2027 |
2028 |
>2028 |
Total |
Bonds |
0.3 |
1.0 |
1.0 |
1.2 |
— |
2.7 |
6.2 |
Commercial paper |
0.8 |
— |
— |
— |
— |
— |
0.8 |
Other loans |
0.7 |
0.7 |
0.3 |
0.7 |
0.1 |
0.7 |
3.2 |
Total gross debt |
1.8 |
1.7 |
1.3 |
1.9 |
0.1 |
3.4 |
10.2 |
As of March 31, 2024, the average debt maturity is 5.8
years.
Appendix 3: Reconciliation of gross debt to net
debt
(USD million) |
Mar 31, 2024 |
Dec 31, 2023 |
Mar 31, 2023 |
Gross debt |
10,221 |
10,681 |
11,477 |
Less: Cash and cash equivalents |
(5,437) |
(7,783) |
(6,290) |
Net debt |
4,784 |
2,898 |
5,187 |
|
|
|
|
Net debt / LTM EBITDA |
0.6 |
0.3 |
0.4 |
Appendix 4: Adjusted net income and adjusted basic
EPS
(USDm) |
1Q 24 |
4Q 23 |
3Q 23 |
2Q 23 |
1Q 23 |
Net income/(loss) attributable to equity holders of the
parent |
938 |
(2,966) |
929 |
1,860 |
1,096 |
Impairment items5 |
— |
(112) |
— |
— |
— |
Impact on disposal of Kazakhstan operations6 |
— |
(2,431) |
— |
— |
— |
Impairment of equity method investments15 |
— |
(1,405) |
— |
— |
— |
Adjusted net income attributable to equity holders of the
parent |
938 |
982 |
929 |
1,860 |
1,096 |
Weighted average common shares outstanding (in millions) |
809 |
830 |
838 |
842 |
859 |
Adjusted basic EPS $/share |
1.16 |
1.18 |
1.11 |
2.21 |
1.28 |
Appendix 5: Terms and
definitions
Unless indicated otherwise, or the context otherwise requires,
references in this earnings release to the following terms have the
meanings set out next to them below:Adjusted basic
EPS: refers to adjusted net income divided by the weighted
average common shares outstanding.Adjusted net
income(loss): refers to reported net income/(loss)
excluding impairment charges and exceptional items (including with
respect to the income from associates, JV and other investments),
and impact on disposal of Kazakhstan operations.Apparent
steel consumption: calculated as the sum of production
plus imports minus exports.Average steel selling
prices: calculated as steel sales divided by steel
shipments.Cash and cash equivalents: represents
cash and cash equivalents, restricted cash and short-term
investments.Capex: represents the purchase of
property, plant and equipment and intangibles.Crude steel
production: steel in the first solid state after melting,
suitable for further processing or for
sale.Depreciation: refers to amortization and
depreciation.EPS: refers to basic or diluted
earnings per share. EBITDA: defined as operating
result plus depreciation, impairment items and exceptional items
and result from associates, joint ventures and other investments
(excluding impairments and exceptional items if
any).EBITDA/tonne: calculated as EBITDA divided by
total steel shipments.Exceptional items: income /
(charges) relate to transactions that are significant, infrequent
or unusual and are not representative of the normal course of
business of the period.FEED: Front End Engineering
Design, or FEED, is an engineering and project management approach
undertaken before detailed engineering, procurement, and
construction. This crucial phase helps manage project risks and
thoroughly prepare for the project's execution. It directly follows
the pre-feed phase during which the concept is selected, and the
feasibility of available options is studied.Free cash flow
(FCF): refers to net cash provided by operating activities
less capex less dividends paid to minority
shareholders.Foreign exchange and other net financing
income(loss): include foreign currency exchange impact,
bank fees, interest on pensions, impairment of financial assets,
revaluation of derivative instruments and other charges that cannot
be directly linked to operating results.Gross
debt: long-term debt and short-term
debt.Impairment items: refers to impairment
charges net of reversals. Income from associates, joint
ventures and other investments: refers to income from
associates, joint ventures and other investments (excluding
impairments and exceptional items if any)Iron ore reference
prices: refers to iron ore prices for 62% Fe CFR
China.Kt: refers to thousand metric
tonnes.Liquidity: cash and cash equivalents plus
available credit lines excluding back-up lines for the commercial
paper program.LTIF: refers to lost time injury
frequency rate equals lost time injuries per 1,000,000 worked
hours, based on own personnel and contractors.Mt:
refers to million metric tonnes.Net debt:
long-term debt and short-term debt less cash and cash
equivalents.Net debt/LTM EBITDA: refers to Net
debt divided by EBITDA for the last twelve months.Net
interest expense: includes interest expense less interest
incomeOn-going projects: refer to projects for
which construction has begun (excluding various projects that are
under development), even if such projects have been placed on hold
pending improved operating conditions.Operating
results: refers to operating
income(loss).Operating segments: North America
segment includes the Flat, Long and Tubular operations of Canada,
Mexico; and also includes all Mexico mines. The Brazil segment
includes the Flat, Long and Tubular operations of Brazil and its
neighboring countries including Argentina, Costa Rica, Venezuela;
and also includes Andrade and Serra Azul captive iron ore mines.
The Europe segment includes the Flat, Long and includes Bosnia and
Herzegovina captive iron ore mines; Sustainable Solutions division
includes Downstream Solutions and Tubular operations of the
European business. The Others segment includes the Flat, Long and
Tubular operations of Kazakhstan (till December 7, 2023), Ukraine
and South Africa; and also includes the captive iron ore mines in
Ukraine and iron ore and coal mines in Kazakhstan (till December 7,
2023). Mining segment includes iron ore operations of ArcelorMittal
Mines Canada and ArcelorMittal Liberia. Own iron ore
production: includes total of all finished production of
fines, concentrate, pellets and lumps and includes share of
production.Price-cost effect: a lack of
correlation or a lag in the corollary relationship between raw
material and steel prices, which can either have a positive (i.e.
increased spread between steel prices and raw material costs) or
negative effect (i.e. a squeeze or decreased spread between steel
prices and raw material costs). Shipments:
information at segment and Group level eliminates intra-segment
shipments (which are primarily between Flat/Long plants and Tubular
plants) and inter-segment shipments respectively. Shipments of
Downstream Solutions are excluded.Working capital change
(working capital investment / release): Movement of change
in working capital - trade accounts receivable plus inventories
less trade and other accounts payable.
Footnotes
- The financial information in this
press release has been prepared consistently with International
Financial Reporting Standards (“IFRS”) as issued by the
International Accounting Standards Board (“IASB”) and as adopted by
the European Union. The interim financial information included in
this announcement has also been prepared in accordance with IFRS
applicable to interim periods, however this announcement does not
contain sufficient information to constitute an interim financial
report as defined in International Accounting Standard 34, “Interim
Financial Reporting”. The numbers in this press release have not
been audited. The financial information and certain other
information presented in a number of tables in this press release
have been rounded to the nearest whole number or the nearest
decimal. Therefore, the sum of the numbers in a column may not
conform exactly to the total figure given for that column. In
addition, certain percentages presented in the tables in this press
release reflect calculations based upon the underlying information
prior to rounding and, accordingly, may not conform exactly to the
percentages that would be derived if the relevant calculations were
based upon the rounded numbers. Segment information presented in
this press release is prior to inter-segment eliminations and
certain adjustments made to operating results of the segments to
reflect corporate costs, income from non-steel operations (e.g.
logistics and shipping services) and the elimination of stock
margins between the segments.
- LTIF refers to lost time injury
frequency rate equals lost time injuries per 1,000,000 worked
hours, based on own personnel and contractors.
- ROE refers to "Return on Equity"
which is calculated as trailing twelve-month adjusted net income
(excluding impairment charges and exceptional items) attributable
to equity holders of the parent divided by the average equity
attributable to the equity holders of the parent over the period.
1Q 2024 ROE of 8.6% ($4.7 billion / $54.5 billion). 2023 ROE of
8.9% ($4.9 billion / $54.4 billion).
- Equity book value per share is
calculated as the Equity attributable to the equity holders of the
parent divided by the number of shares at the end of the period. 1Q
2024 total equity of $53.6 billion divided by 797 million shares
outstanding equals $67/sh. 4Q 2023 total equity of $54.0 billion
divided by 819 million shares outstanding equals $66/sh.
- Impairment charge for 4Q 2023 (excluding that related to the
sale of operations in Kazakhstan) amounted to $0.1 billion, related
to the Long business of ArcelorMittal South Africa. Since then, the
Company has been in discussions with government representatives to
determine the extent of state support that could be provided to
mitigate or prevent the closure of these operations.
- Following the sale of the Company's
steel and mining operations in Kazakhstan in 4Q 2023, the Company
recorded a $0.9 billion non-cash impairment charge (including $0.2
billion goodwill), and recorded $1.5 billion cumulative translation
losses (previously recorded against equity) through the
Consolidated Statements of Operations.
- September 30, 2020, was the
inception date of the ongoing share buyback programs.
- See Appendix 4 for reconciliation of
adjusted net income and adjusted basic EPS.
- On March 9, 2023, ArcelorMittal
announced that following receipt of customary regulatory approvals
it had completed the acquisition of Companhia Siderúrgica do Pecém
(‘CSP’) in Brazil for an enterprise value of approximately $2.2
billion.
- Company has repurchased 22.5 million
shares during 1Q 2024; totalling 48.8 million shares from the
current 85 million share buy back program.
- XCarb® is designed to bring together
all of ArcelorMittal’s reduced, low and zero-carbon products and
steelmaking activities, as well as wider initiatives and green
innovation projects, into a single effort focused on achieving
demonstrable progress towards carbon neutral steel. Alongside the
new XCarb® brand, we have launched three XCarb® initiatives: the
XCarb® innovation fund, XCarb® green steel certificates and XCarb®
recycled and renewably produced for products made via the Electric
Arc Furnace route using scrap. The Company is offering green steel
using a system of certificates (XCarb® green certificates). These
will be issued by an independent auditor to certify tonnes of CO2
savings achieved through the Company’s investment in
decarbonization technologies in Europe. Net-zero equivalence is
determined by assigning CO2 savings certificates equivalent to CO2
per tonne of steel produced in 2018 as baseline. The certificates
will relate to the tonnes of CO2 saved in total, as a direct result
of the decarbonization projects being implemented across a number
of its European sites.
- As of March 31, 2024, the $5.4
billion Revolving Credit Facility ("RCF") was fully available.
Liquidity at the end of the quarter of $10.8 billion consisted of
cash and cash equivalents of $5.4 billion and $5.4 billion of
available credit lines.
-
Estimate of additional contribution to EBITDA, based on assumptions
once ramped up to capacity and assuming prices/spreads generally in
line with the averages of the 2015-2020 period.
- As announced with ArcelorMittal’s
fourth quarter 2023 financial results, the Company has amended its
presentation of reportable segments and EBITDA. The changes,
applied from January 1, 2024, are as follows: EBITDA is defined as
operating result plus depreciation, impairment items and
exceptional items and result from associates, joint ventures and
other investments (excluding impairments and exceptional items if
any); The NAFTA segment has been renamed "North America", a core
growth region for the Company; A new ‘Sustainable Solutions’
segment is composed of a number of high-growth, niche, capital
light businesses, playing an important role in supporting climate
action (including renewables, special projects and construction
business). Previously reported within the Europe segment, this is a
growth vector of the Company and represents businesses employing
over 12,000 people at more than 260 commercial and production sites
across 60+ countries. Following the sale of the Company’s
operations in Kazakhstan, the remaining parts of the former ‘ACIS’
segment have been assigned to ‘Others’; there are no changes to the
‘Brazil’ and ‘Mining’ segments. ‘India and JVs’ is now presented
and the share of net income of AMNS India and AMNS Calvert as well
as the other associates, joint ventures and other investments is
included in EBITDA. India is a high growth vector of the Company,
with our assets well-positioned to grow with the domestic market.
These changes have been applied as from January 1, 2024 and the
comparative periods of 2023 shown herein have been retrospectively
recast.
- Impairments of equity method
investments were $1.4 billion for 4Q 2023, and relate to the
impairment of the Company’s investment in Acciaierie d'Italia (ADI)
following downward revisions to the expected future cash flows. On
February 20, 2024, the Italian Government issued a decree placing
Acciaierie d’Italia in extraordinary administration subsequent to
the request of Invitalia, thereby passing control of ADI from its
current shareholders, ArcelorMittal and Invitalia, to government
appointed commissioners.
- Production: Including all production
of the hot strip mill including processing of slabs on a hire work
basis for ArcelorMittal Group entities and third parties, including
stainless steel slabs. Shipments: including shipments of finished
products processed on a hire work basis for ArcelorMittal Group
entities and third parties, including stainless steel products.
EBITDA of Calvert presented here on a 100% basis as a stand-alone
business and in accordance with the Company's policy, applying the
weighted average method of accounting for inventory.
- Excluding impact on disposal of
Kazakhstan operations that was sold on December 7, 2023.
- The Company sold the remaining 4.23%
stake in Erdemir in 1Q 2024, generating total proceeds of $0.2
billion.
- 1Q 2024 includes decarbonization
capex of $0.1 billion and strategic growth capex of $0.4
billion.
- Other projects under development include: ArcelorMittal Texas:
Plans under development to double capacity and add CCS capability;
Calvert (US): Option to add a second 1.5Mt EAF at lower capex
intensity; Electrical steels US (Alabama): 150kt NGO electrical
steels for automotive; Government support received; engineering
studies underway; Liberia further expansion to 30Mt; and India
further expansion: Hazira to 20Mt and Greenfield on the east coast
of India.
- Strategic projects capex in 1Q 2024 primarily include
investments for the Liberia expansion project (first concentrate),
the renewables energy project in India and Mardyck electrical
steels
- 1Q 2024 net cash used in operating activities of $100 million
includes working capital investment of $1.7 billion.
- Sustainable Solutions is focused on growing niche businesses
providing vital added-value support to growing sustainable related
applications from a low-carbon, capital light asset base. These
businesses include: a) Construction solutions: Product offerings
include sandwich panels (e.g. insulation), profiles, turnkey
pre-fabrication solutions, etc., to assist building in smarter ways
and reduce the carbon footprint of buildings; b) Projects: Product
range includes plates, pipes & tubes, wire ropes, reinforced
steels, providing high-quality & sustainable steel solutions
for energy projects and supporting offshore wind, energy transition
and onshore construction; c) Industeel: EAF based capacity: High
quality steel grades designed to meet demanding customer
specifications (e.g. XCarb® for wind turbines); Supplying wide
range of industries; energy, chemicals, mechanical engineering,
machinery, infrastructure, defence & security; d) Renewables:
investments in renewable energy projects; e) Metallics: investment
and development of the Company’s scrap recycling and collection
capabilities; f) Distribution & service centers: European
services processor including slitting, cut-to-length, multi
blanking, and press blanking and operating through an extensive
network
- Vallourec share price increased to €17.20 as at the end of
March 31, 2024, as compared to €14.64 contractually agreed at the
signing of the share price agreement for 65.2 million shares on
March 12, 2024 generating a non-cash mark-to-market gain of $181
million at the end of March 31, 2024. In accordance with IFRS, the
Company recognized a gain as the final fair value of the investment
is unknown until transaction closing.
- Considering share buy backs of $1.3 billion and dividends paid
to ArcelorMittal shareholders of $0.4 billion.
First quarter 2024 earnings analyst
conference callArcelorMittal Management will host a
conference call for members of the investment community to present
and comment on the three-month period ended March 31, 2024 on:
Thursday May 2, 2024, at 9.30am US Eastern time; 14.30pm
London time and 15.30pm CET.
Link for the audio webcast:
https://interface.eviscomedia.com/player/1161/index.en.html
VIP Connect Conference Call:Participants may
pre-register and will receive dedicated dial-in details to easily
and quickly access the call:
https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=6299830&linkSecurityString=d81989250
Please visit the results section on our website to listen to the
reply once the event has finished
https://corporate.arcelormittal.com/investors/results
Forward-Looking Statements
This document contains forward-looking information and
statements about ArcelorMittal and its subsidiaries. These
statements include financial projections and estimates and their
underlying assumptions, statements regarding plans, objectives and
expectations with respect to future operations, products and
services, and statements regarding future performance.
Forward-looking statements may be identified by the words
“believe”, “expect”, “anticipate”, “target” or similar expressions.
Although ArcelorMittal’s management believes that the expectations
reflected in such forward-looking statements are reasonable,
investors and holders of ArcelorMittal’s securities are cautioned
that forward-looking information and statements are subject to
numerous risks and uncertainties, many of which are difficult to
predict and generally beyond the control of ArcelorMittal, that
could cause actual results and developments to differ materially
and adversely from those expressed in, or implied or projected by,
the forward-looking information and statements. These risks and
uncertainties include those discussed or identified in the filings
with the Luxembourg Stock Market Authority for the Financial
Markets (Commission de Surveillance du Secteur Financier) and the
United States Securities and Exchange Commission (the “SEC”) made
or to be made by ArcelorMittal, including ArcelorMittal’s latest
Annual Report on Form 20-F on file with the SEC. ArcelorMittal
undertakes no obligation to publicly update its forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Non-GAAP/Alternative Performance
Measures
This press release also includes certain non-GAAP
financial/alternative performance measures. ArcelorMittal presents
EBITDA and EBITDA/tonne, free cash flow (FCF) and ratio of net
debt/LTM EBITDA which are non-GAAP financial/alternative
performance measures, as additional measures to enhance the
understanding of its operating performance. As announced
previously, the definition of EBITDA has been revised to include
income from share of associates, JVs and other investments
(excluding impairments and exceptional items if any, of associates,
JVs and other investments) because the Company believes this
information provides investors with additional information to
understand its results, given the increasing significance of its
joint ventures. ArcelorMittal also presents Equity book value per
share and ROE3 as shown in footnotes to this press release.
ArcelorMittal believes such indicators are relevant to provide
management and investors with additional information. ArcelorMittal
also presents net debt and change in working capital as additional
measures to enhance the understanding of its financial position,
changes to its capital structure and its credit assessment.
ArcelorMittal also presents adjusted net income(loss) and adjusted
basic earnings per share as it believes these are useful measures
for the underlying business performance excluding impairment items
and exceptional items. The Company’s guidance as to additional
EBITDA estimated to be generated from certain projects, is based on
the same accounting policies as those applied in the Company’s
financial statements prepared in accordance with IFRS.
ArcelorMittal is unable to reconcile, without unreasonable effort,
such guidance to the most directly comparable IFRS financial
measure, due to the uncertainty and inherent difficulty of
predicting the occurrence and the financial impact of items
impacting comparability. For the same reasons, ArcelorMittal is
unable to address the significance of the unavailable information.
Non-GAAP financial/alternative performance measures should be read
in conjunction with, and not as an alternative to, ArcelorMittal's
financial information prepared in accordance with IFRS. Comparable
IFRS measures and reconciliations of non-GAAP financial/alternative
performance measures are presented herein.
About ArcelorMittal
ArcelorMittal is one of the world's leading steel and mining
companies, with a presence in 60 countries and primary steelmaking
facilities in 15 countries. In 2023, ArcelorMittal had revenues of
$68.3 billion and crude steel production of 58.1 million metric
tonnes, while iron ore production reached 42.0 million metric
tonnes.
Our goal is to help build a better world with smarter steels.
Steels made using innovative processes which use less energy, emit
significantly less carbon and reduce costs. Steels that are
cleaner, stronger and reusable. Steels for electric vehicles and
renewable energy infrastructure that will support societies as they
transform through this century. With steel at our core, our
inventive people and an entrepreneurial culture at heart, we will
support the world in making that change. This is what we believe it
takes to be the steel company of the future.
ArcelorMittal is listed on the stock exchanges of New York (MT),
Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish
stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please visit:
https://corporate.arcelormittal.com/
Enquiries
ArcelorMittal investor relations: +44 207 543 1128; Retail: +44
207 543 1156; SRI: +44 207 543 1156 and Bonds/credit: +33 1 71 92
10 26.
ArcelorMittal corporate communications (e-mail:
press@arcelormittal.com) +44 207 629 7988. Contact: Paul Weigh +44
203 214 2419
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