World’s leading steelmaker ArcelorMittal has reported operating income of USD 10.3 billion in 2022 down 39% YoY, EBITDA of USD 14.2 billion down 27% YoY & EBITDA per tonne of USD 253 down 18% YoY with sales of USD 79.8 billion up 4% YoY. ArcelorMittal Chief Executive Officer Mr Aditya Mittal said “Despite the challenges that emerged as the year unfolded, our full year results demonstrate the benefits of our strengthened asset portfolio and the improvements we have made to our cost base in recent periods. This, alongside the mitigatory actions we took in the second half of the year to adapt production levels and optimize energy consumption, has added resilience to our business.”Crude steel production – 59.0 million tonne, down 15% YoYSteel shipments - 55.9 million tonne, down 11% YoYTotal group iron ore production - 45.3 million tonne, down 11% YoYMr Aditya Mittal added “Our delivery of consistently positive free cash flow and balance sheet strength has allowed us to grow and develop the business, capturing growth opportunities in faster growing markets while also making good progress in our ambition to be a leader in low-carbon steel production. The acquisition of Texas HBI helps us secure high-quality metallics for low-carbon steelmaking. We celebrated the commissioning of the European steel industry’s first carbon capture and re-use project in Belgium. Our two low-carbon customer products, XCarb® green steel certificates and XCarb recycled and renewably produced continue to gain momentum with customers and the XCarb Innovation Fund made a series of investments in compelling new low-carbon technologies.Regarding outlook, ArcelorMittal said “World ex China apparent steel consumption in 2023 is expected to recover by 2-3% YoY as compared to 2022 & the company expects its steel shipments in 2023 to grow by 5% YoY. As we look ahead, evidence suggests that the customer destock we saw in the second half of 2022 has peaked, hence providing support to apparent steel consumption and steel spreads. Although geopolitical uncertainty remains high, we remain confident in the strength and resilience of ArcelorMittal, and in our ability to successfully execute our strategy of growth, decarbonization and sustainable returns through all aspects of the cycle.”
World’s leading steelmaker ArcelorMittal has reported operating income of USD 10.3 billion in 2022 down 39% YoY, EBITDA of USD 14.2 billion down 27% YoY & EBITDA per tonne of USD 253 down 18% YoY with sales of USD 79.8 billion up 4% YoY. ArcelorMittal Chief Executive Officer Mr Aditya Mittal said “Despite the challenges that emerged as the year unfolded, our full year results demonstrate the benefits of our strengthened asset portfolio and the improvements we have made to our cost base in recent periods. This, alongside the mitigatory actions we took in the second half of the year to adapt production levels and optimize energy consumption, has added resilience to our business.”Crude steel production – 59.0 million tonne, down 15% YoYSteel shipments - 55.9 million tonne, down 11% YoYTotal group iron ore production - 45.3 million tonne, down 11% YoYMr Aditya Mittal added “Our delivery of consistently positive free cash flow and balance sheet strength has allowed us to grow and develop the business, capturing growth opportunities in faster growing markets while also making good progress in our ambition to be a leader in low-carbon steel production. The acquisition of Texas HBI helps us secure high-quality metallics for low-carbon steelmaking. We celebrated the commissioning of the European steel industry’s first carbon capture and re-use project in Belgium. Our two low-carbon customer products, XCarb® green steel certificates and XCarb recycled and renewably produced continue to gain momentum with customers and the XCarb Innovation Fund made a series of investments in compelling new low-carbon technologies.Regarding outlook, ArcelorMittal said “World ex China apparent steel consumption in 2023 is expected to recover by 2-3% YoY as compared to 2022 & the company expects its steel shipments in 2023 to grow by 5% YoY. As we look ahead, evidence suggests that the customer destock we saw in the second half of 2022 has peaked, hence providing support to apparent steel consumption and steel spreads. Although geopolitical uncertainty remains high, we remain confident in the strength and resilience of ArcelorMittal, and in our ability to successfully execute our strategy of growth, decarbonization and sustainable returns through all aspects of the cycle.”
