Luxembourg-based ArcelorMittal, the world’s largest steelmaker, has announced its financial results for the first half of the current year.
In the first half this year, ArcelorMittal achieved a net profit of $8.04 billion, compared to a net profit in the first half last year of $6.29 billion. The company’s sales revenues in the given period increased by 23.7 percent year on year to $43.97 billion. The company registered an EBITDA of $10.24 billion in the first half, compared to an EBITDA of $8.29 billion in the corresponding period of the previous year.
ArcelorMittal’s crude steel production decreased by 12.7 percent to 30.9 million mt in the first half, while its iron ore production declined by two percent to 24.0 million mt, both year on year. The company’s total steel shipments in the given period amounted to 29.7 million mt, down by 8.8 percent year on year.
The European segment’s crude steel production decreased by 11.5 percent year on year to 16.9 million mt in the first half.
The company stated that the war between Russia and Ukraine is impacting global growth and adding further inflationary pressure, which is spilling over into the weakening of demand. However, the long-term outlook for steel demand remains positive, bolstered by the energy transition and the continuing growth of developing economies.