The Brazilian arm of ArcelorMittal announced a consolidated net profit of BRL 4.146 billion ($813 million) for 2023, against BRL 9.119 billion for 2022.
Net sales declined by 2.56 percent to BRL 69.82 billion, the gross profit declined by 39.34 percent to BRL 9.874 billion and the operational profit declined by 45.61 percent to BRL 7.559 billion.
In volume, the production of steel products, including the units in Brazil, Argentina and Costa Rica, increased by 16.5 percent to 14.8 million mt, while sales increased by 15.9 percent to 14.4 million mt. Iron ore production in the company’s Andrade and Serra Azul mines increased by 3.3 percent to 3.4 million mt.
According to the company, the reduced profit reflects a weak sales performance during the second half of 2023, with lower sales of steel products, excess offer of steel products in world terms, lower average sales prices and higher imports of steel products in Brazil.
USD = BRL 5.10 (April 29)
