Luxembourg-based ArcelorMittal, the world’s largest steelmaker, has announced its financial results for the fourth quarter and the full year of 2022.
In the fourth quarter last year, the company posted a net profit of $261 million, as compared to a net profit in the fourth quarter of 2021 of $4.04 billion and a net profit of $993 million in the third quarter last year. The company’s sales revenues in the given period decreased by 18.8 percent year on year to $16.89 billion. The company registered an EBITDA of $1.26 billion in the fourth quarter, compared to an EBITDA of $5.05 billion in the corresponding period of the previous year and an EBITDA of $2.67 billion in the third quarter.
In 2022, ArcelorMittal posted a net profit of $9.3 billion, as compared to a net profit in 2021 of $14.96 billion. The company’s sales revenues in the given period increased by 4.3 percent year on year to $79.84 billion. The company registered an EBITDA of $14.2 billion in the full year, compared to an EBITDA of $19.4 billion in the previous year.
ArcelorMittal’s crude steel production decreased by 14.6 percent to 59 million mt in 2022, while its iron ore production decreased by 11 percent to 45.3 million mt, both year on year. The company’s total steel shipments in the given period amounted to 55.9 million mt, down by 11.1 percent year on year.
“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. 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,” Aditya Mittal, ArcelorMittal CEO, said.