Luxembourg-based ArcelorMittal, the world’s largest steelmaker, has announced its financial results for the first quarter of the current year.
In the first quarter this year, ArcelorMittal posted a net profit of $4.12 billion, as compared to a net profit in the fourth quarter last year of $4.04 billion and a net profit of $2.28 billion in the first quarter last year. The company’s sales revenues in the given period increased by 34.8 percent year on year and 4.9 percent quarter on quarter to $21.83 billion, due to higher average steel sales prices and higher mining revenues. The company registered an EBITDA of $5.08 billion in the first quarter, up 0.6 percent quarter on quarter and rising by 56.7 percent year on year.
ArcelorMittal’s crude steel production decreased by 1.2 percent to 16.3 million mt in the first quarter, while its iron ore production decreased by 10.4 percent to 12.0 million mt, both compared to the previous quarter. The company’s total steel shipments in the given period amounted to 15.3 million mt, down by 3.1 percent quarter on quarter, reflecting the impact of the war in Ukraine.
The company’s crude steel production in Europe increased by 0.7 percent quarter on quarter to 8.6 million mt in the first quarter.
The company announced the suspension of operations in Ukraine at the onset of the war in the country in order to protect its assets. Since then ArcelorMittal has slowly restarted operations and is currently operating one of three blast furnaces in Ukraine.
According to its statement, the company recorded a strong first quarter performance despite the impact of the war and rising inflation. In addition, ArcelorMittal anticipates apparent steel consumption will contract slightly this year.