ArcelorMittal Reports Significant Reduction In Fourth Quarter Loss To $390 Million
ArcelorMittal follows the January-December financial year.
(Photo source: Freepik)
Global steel giant ArcelorMittal has reduced its loss to $390 million during the fourth quarter ended Dec. 31, 2024. In the same quarter of 2023, it had posted $2,966 million loss (attributable to equity holders of the parent), the Luxembourg-based company said in a statement. In the same quarter of 2023, it had posted $2,966 million loss (attributable to equity holders of the parent), the Luxembourg-based company said in a statement.
The company follows the January-December financial year.
During the full year, the company's net income rose to $1,339 million, higher from $919 million in January-December 2023.
Its crude steel production during the fourth quarter increased marginally to 14 MT, from 13.7 MT in the same period a year ago.
In 2024, the production also fell to 57.9 MT, over 58.1 MT in 2023.
During the October-December quarter, the total steel shipments stood at 13.5 MT, as against 13.3 MT in 2023.
In 2024, shipments fell marginally to 54.3 MT, from 55.6 MT in 2023.
Sales in 4Q 2024 were at $14,714 million, over $14,552 million in 4Q 2023.
Sales for the entire year got reduced to $62,441 million, from $68,275 million in 2023.
Aditya Mittal, ArcelorMittal Chief Executive Officer, said, Last year was challenging from a global economic perspective, but, despite this, Ebitda per tonne at $130 is considerably higher than the five-year-average pre-COVID. It is testament to the core strength of the company that it is generating free cash flow, investing for growth and returning cash to shareholders in these markets.
"We are particularly focused on Brazil, India, and the US, where we are enhancing our ability to meet automotive demand through a new high quality electric arc furnace at AM/NS Calvert and a new electric steel facility announced today," he said.
On the outlook, Mittal said in the long-term it is positive and the company's global presence means it has an opportunity to prioritize investment in markets where there is a strong outlook for growth and returns.
ArcelorMittal said it is targeting $0.2 billion Ebitda contribution in 2025 from completed projects in India (1GW renewables) and Brazil (Vega CMC).
In India, ArcelorMittal along with Nippon Steel of Japan, owns and operates the 60:40 JV company, ArcelorMittal Mittal Nippon Steel India (AMNS India).
AMNS India's crude steel production in 4Q 2024 fell marginally to 1.95 MT, as against 1.96 MT in 4Q 2023.
Sales from the JV company in 4Q 2024 also fell to $1.6 billion, from $1.7 billion in Q4 2023.
