Luxembourg, July 27,
2023 - ArcelorMittal (referred to as
“ArcelorMittal” or the “Company”) (MT (New York, Amsterdam, Paris,
Luxembourg), MTS (Madrid)), the world’s leading integrated steel
and mining company, today announced results1 for the three-month
and six-month periods ended June 30, 2023.
Key highlights:
- Health and safety focus: Protecting employee
health and wellbeing remains an overarching priority of the
Company; LTIF2 rate of 0.73x in 2Q 2023 and 0.70x in 1H 2023
- Improved operating results: A positive
price-cost effect, offset in part by a marginal sequential decline
in steel shipments to 14.2Mt, drove an improvement in 2Q 2023
operating income to $1.9bn (vs. $1.2bn in 1Q 2023); 1H 2023
operating income of $3.1bn vs. $1.3bn in 2H 20225
- Robust per-tonne profitability: EBITDA
increased to $2.6bn in 2Q 2023 (vs. $1.8bn in 1Q 2023) with 2Q 2023
EBITDA/t rising to $183/t (vs. $126/t in 1Q 2023); 1H 2023 EBITDA
of $4.4bn vs. $3.9bn in 2H 20225
- Higher net income: $1.9bn in 2Q 2023 (vs.
$1.1bn in 1Q 2023) includes share of JV and associates net income
of $0.4bn (vs. $0.3bn in 1Q 2023); 1H 2023 net income of $3.0bn
(vs. $1.3bn in 2H 2022)5
- Enhanced share value: 2Q 2023 basic EPS of
$2.21/sh; last 12 months rolling ROE3 of 10.3%; book value per
share4 now $66/sh following the repurchase of 5.7m shares during
the quarter
- Financial strength: The Company ended June 30,
2023 with net debt of $4.5bn, $0.7bn lower than the end of March
31, 2023, despite ongoing share buyback ($0.2bn) and dividends
($0.2bn). Gross debt of $10.5bn and cash and cash equivalents of
$5.9bn as of June 30, 2023 (compared to $11.5bn and $6.3bn,
respectively, as of March 31, 2023)
- Continued strong FCF generation: The Company
generated $1.0bn of free cash flow (FCF) in 2Q 2023 ($2.1bn net
cash provided by operating activities less capex of $1.1bn and
dividends paid to minorities)
Strategic update and
outlook:
- Progress in climate action gathering momentum:
- Funding support: received European Commission (EC) approvals of
the government funding support for our Spain, Belgium and France
decarbonization projects; awaiting EC approvals for German
government funding support
- Projects advancing: >200 dedicated employees; Pre-FEED stage
for DRI-EAF projects ongoing/near completion; preparing to move to
FEED in DRI/EAF projects and commitments with core process
equipment suppliers to lock schedule for supply
- Technology advancements: plans announced between ArcelorMittal
and John Cockerill to construct an industrial-scale low
temperature, direct electrolysis plant (Volteron™) targeted to
produce in phase 1 between 40-80ktpa of iron plates, starting in
2027
- XCarb® progress: Our XCarb® recycled and renewably produced
steel9 offering is gaining momentum, and will be produced by
ArcelorMittal North America to supply General Motors
- Focused on executing our growth plans and consistently
applying our capital allocation and return policy:
- In addition to paying in June 2023 the first installment of the
$0.44/sh base dividend, the Company has repurchased 24.8 million
shares so far in 2023
- Recent acquisitions (ArcelorMittal Pecém6 (Brazil) and
ArcelorMittal Texas HBI) and completed strategic capex projects
(Mexico hot strip mill) are performing at levels above assumed
normalized profitability13
- Planned expansion of the AMNS India Hazira plant to ~15Mt
capacity by 2026 progressing well; CGL4 on track for completion in
3Q 2023 to provide platform to launch our Magnelis product in the
Indian market for the growing renewables and solar sectors
Financial highlights (on the basis of
IFRS1):
|
(USDm) unless otherwise shown |
2Q 23 |
1Q 23 |
2Q 22 |
1H 23 |
1H 22 |
|
Sales |
18,606 |
18,501 |
22,142 |
37,107 |
43,978 |
|
Operating income |
1,925 |
1,192 |
4,494 |
3,117 |
8,927 |
|
Net income attributable to equity holders of the parent |
1,860 |
1,096 |
3,923 |
2,956 |
8,048 |
|
Basic earnings per common share (US$) |
2.21 |
1.28 |
4.25 |
3.47 |
8.53 |
|
|
|
|
|
|
|
|
Operating income/tonne (US$/t) |
136 |
82 |
313 |
109 |
300 |
|
EBITDA |
2,605 |
1,822 |
5,163 |
4,427 |
10,243 |
|
EBITDA /tonne (US$/t) |
183 |
126 |
359 |
155 |
345 |
|
|
|
|
|
|
|
|
Crude steel production (Mt) |
14.7 |
14.5 |
14.6 |
29.2 |
30.9 |
|
Steel shipments (Mt) |
14.2 |
14.5 |
14.4 |
28.7 |
29.7 |
|
Total group iron ore production (Mt) |
10.5 |
10.8 |
12.0 |
21.3 |
24.0 |
|
Iron ore production (Mt) (AMMC and Liberia only) |
6.4 |
6.7 |
7.3 |
13.1 |
14.2 |
|
Iron ore shipment (Mt) (AMMC and Liberia only) |
6.6 |
7.4 |
7.5 |
14.0 |
14.2 |
|
|
|
|
|
|
|
|
Shares outstanding fully diluted basis in millions |
839 |
844 |
904 |
839 |
904 |
Commenting, Aditya Mittal, ArcelorMittal
Chief Executive Officer, said:
“We have delivered a strong set of financials in
the first half of the year, which reflect the improved market
conditions and also the positive impact of recent strategic
acquisitions. Both ArcelorMittal Pecém in Brazil and
ArcelorMittal Texas HBI in the United States are making a valuable
contribution, generating above expected EBITDA. Meanwhile organic
growth projects that will enhance our ability to produce higher
added-value products in high-growth markets, as well as investments
in our lower-carbon supply chains, are starting to demonstrate
their potential.
“We are making further strategic progress on our
decarbonization agenda. Encouragingly, we have now received funding
approval from the European Commission for our transformation
projects in Belgium, Spain and France. This is an important
milestone and we are now engaged in discussions with governments on
the cost and availability of the clean energy needed to make these
projects viable. On the technology front, we are encouraged by the
progress in direct electrolysis which has enabled us to commit to
building the world’s first low-temperature iron electrolysis pilot
plant. We continue to see growing demand from customers for our
XCarb products and earlier this week the design for the Paris 2024
Olympic and Paralympic torch was unveiled, which is being made with
our reduced-carbon steel. The torch has a beautiful, intricate
design and reflects the admirable ambition of Paris 2024 to halve
the carbon footprint compared with previous games.
“Looking ahead, the company is in a good position and focused on
delivering further strategic progress in the second half.”
Sustainable development and safety
performance
Health and safety – Own personnel and contractors lost
time injury frequency rate2
Our priority in all that we do is to protect the safety, health
and wellbeing of all our employees. We aspire to become a fatality
free and severe injury free company.
The lost time injury frequency rate (“LTIFR”) was 0.73x in the
second quarter of 2023 (“2Q 2023”) as compared to 0.64x in the
first quarter of 2023 (“1Q 2023”) and 0.67x in the second quarter
of 2022 (“2Q 2022”). Health and safety performance in the first six
months of 2023 ("1H 2023") was 0.70x as compared to 0.68x in the
first six months of 2022 ("1H 2022").
The Company is moving to a ‘predict-and-prevent’ culture which
involves focusing its attention on proactive rather than reactive
KPIs, with a particular focus on proactively detecting and
identifying the Potential for Serious Injuries or Fatalities
(“PSIF”). PSIFs are precursors of severe accidents: unsafe
situations or events, that we detect proactively, before they could
lead to a fatality or injury. This approach enables us to provide a
deeper understanding of how near- miss incidents arise and can be
avoided.
Own personnel and contractors – Lost Time Injury
Frequency rate
|
Lost time injury frequency rate |
2Q 23 |
1Q 23 |
2Q 22 |
1H 23 |
1H 22 |
|
NAFTA |
0.25 |
0.09 |
0.28 |
0.18 |
0.28 |
|
Brazil |
0.30 |
0.34 |
0.14 |
0.32 |
0.12 |
|
Europe |
1.44 |
1.03 |
0.99 |
1.27 |
1.07 |
|
ACIS |
0.64 |
0.63 |
0.81 |
0.63 |
0.71 |
|
Mining |
— |
0.24 |
0.30 |
0.11 |
1.23 |
|
Total |
0.73 |
0.64 |
0.67 |
0.70 |
0.68 |
Sustainable development highlights:
- On July 20, 2023, The European Commission approved €850 million
for Dunkirk (2.5Mt DRI and 2 new EAFs). This follows the European
Commission approval on June 22, 2023, of the €280 million state aid
which the Belgian authorities will provide to our DRI – EAF
decarbonization project in Belgium (2.5Mt DRI and 2 new EAFs). The
overall support that we will receive from the Belgian and French
authorities is inline with our broader ask to our host governments
for our decarbonization projects.
- On June 14, 2023, ArcelorMittal and John Cockerill announced
plans to construct an industrial- scale low temperature, direct
electrolysis plant. The Volteron™ plant is targeting in a first
phase to produce between 40,000 and 80,000 tonnes a year of iron
plates and to start production in 2027. Once the technology has
been proven at this scale, the intention is to increase the plant’s
annual capacity to between 300,000 and 1 million tonnes. Direct
electrolysis is one of three decarbonization technology pathways
ArcelorMittal is working on to make net zero steelmaking a reality.
The cold direct electrolysis process extracts iron from iron ore
using electricity. The iron plates are then converted into steel in
an electric arc furnace.
- On June 7, 2023, ArcelorMittal North America announced a supply
agreement with General Motors for XCarb® recycled and renewably
produced steel, offering significantly reduced CO2 emissions
compared to much of the automotive steel available in North
America. ArcelorMittal North America’s XCarb® recycled and
renewably produced steel is made via the EAF route using renewable
energy and contains a stated minimum of 70% scrap, with up to 90%
scrap, and does not use carbon offsets to achieve the reduced
carbon intensity.
Analysis of results for the six months ended June 30,
2023 versus results for the six months ended June 30,
2022
Total steel shipments for 1H 2023 were 28.7 million metric
tonnes (Mt), a decrease of -3.6% as compared to 29.7Mt in 1H 2022.
Excluding the shipments of ArcelorMittal Pecém6 (consolidated from
March 9, 2023) and Ukraine, steel shipments in 1H 2023 declined by
-5.5% as compared to 1H 2022 (impacted by outages in Europe and
lower demand in Brazil, including exports).
Sales for 1H 2023 decreased by -15.6% to $37.1 billion as
compared with $44.0 billion for 1H 2022, primarily due to lower
steel shipments and -14.7% lower average steel selling prices
(prices in the comparison period benefited from restocking demand,
following the outbreak of war in Ukraine).
Depreciation was stable at $1.3 billion for 1H 2023 as compared
to 1H 2022. The Company continues to expect 12M 2023 depreciation
of approximately $2.6 billion.
Operating income for 1H 2023 of $3.1 billion was lower as
compared to $8.9 billion in 1H 2022 primarily driven by negative
price-cost effect (predominantly on account of lower average steel
selling prices, with prices in the comparison period benefiting
from restocking demand) and lower steel shipments.
Income from associates, joint ventures and other investments for
1H 2023 was lower at $711 million as compared to $1.1 billion for
1H 2022 primarily due to lower contributions from AMNS Calvert and
European investees (which experienced similar dynamics to those
discussed above). 1H 2022 included the annual dividend from Erdemir
of $117 million with no such dividend received in 1H 2023.
Net interest expense in 1H 2023 of $111 million was broadly
stable as compared to $104 million in 1H 2022 reflecting the
issuance, at the end of 3Q 2022 and in 4Q 2022, of new notes
bearing higher interest rates offset in part by higher interest
income.
Foreign exchange and other net financing loss were $250 million
for 1H 2023 as compared to loss of $323 million for 1H 2022.
Foreign exchange loss for 1H 2023 was $29 million as compared to a
loss of $198 million in 1H 2022.
ArcelorMittal recorded an income tax expense of $420 million for
1H 2023 (including $178 million deferred tax benefit) as compared
to $1,381 million for 1H 2022 (including $214 million deferred tax
benefit) reflecting overall lower taxable profits.
ArcelorMittal’s net income for 1H 2023 was $2,956 million as
compared to $8,048 million for 1H 2022.
ArcelorMittal’s basic earnings per common share for 1H 2023 was
$3.47, as compared to $8.53 for 1H 2022. Analysis of
results for 2Q 2023 versus 1Q 2023 and 2Q 2022
Total steel shipments in 2Q 2023 were -1.7% lower at 14.2Mt as
compared with 14.5Mt for 1Q 2023. Steel shipments in NAFTA
decreased by -8.4% (due to lower slab shipments sourced from Group
companies (mainly Brazil) sold to the Calvert JV and lower Mexico
shipments) and by -6.2% in Europe (following outages in France and
Spain), offset in part by a +22.0% increase in Brazil (mainly due
to the ArcelorMittal Pecém acquisition). Excluding the impact of
ArcelorMittal Pecém, steel shipments in 2Q 2023 were -5.4% lower as
compared to 1Q 2023.
Total steel shipments in 2Q 2023 were -1.2% lower as compared
with 14.4Mt for 2Q 2022 primarily due to a -8.7% decline in Europe
offset in part by higher shipments in NAFTA (+6.2%, mainly higher
sourced slabs for Calvert), Brazil (+19.3%, due to the
consolidation of ArcelorMittal Pecém as from March 9, 2023) and a
+22.9% increase in ACIS (2Q 2022 had been more severely impacted by
the war in Ukraine and there had been labor actions and logistics
issues in South Africa). Excluding the impacts of ArcelorMittal
Pecém and Ukraine, steel shipments in 2Q 2023 were -7.0% lower as
compared to 2Q 2022.
Sales in 2Q 2023 were stable at $18.6 billion as compared to
$18.5 billion in 1Q 2023 and lower than $22.1 billion for 2Q 2022.
As compared to 1Q 2023, the sales were impacted by lower steel
shipment volumes (as discussed above) offset in part by higher
average steel selling prices (+4.2%). Sales in 2Q 2023 were -16.0%
lower as compared to 2Q 2022 primarily due to lower average steel
selling prices (-16.1%) and lower steel shipments (-1.2%).
Depreciation for 2Q 2023 was higher at $680 million as compared
to $630 million for 1Q 2023 (due to the full quarter contribution
of ArcelorMittal Pecém) and $669 million in 2Q 2022.
Operating income for 2Q 2023 was $1.9 billion as compared to
$1.2 billion in 1Q 2023 and $4.5 billion in 2Q 2022. The
improvement in operating income compared to 1Q 2023 reflected
improving steel spreads (and the benefit of lagged prices) and
lower costs (including energy), offset in part by lower steel
shipments.
Income from associates, joint ventures and other investments for
2Q 2023 was $393 million as compared to $318 million in 1Q 2023 and
$578 million in 2Q 2022. 2Q 2023 results improved as compared to 1Q
2023 with a higher contribution from AMNS India (including $0.1
billion income arising from recognition of a deferred tax asset).
2Q 2022 included a higher contribution from European investees.
Net interest expense in 2Q 2023 was $47 million as compared to
$64 million in 1Q 2023 and $53 million in 2Q 2022, with the benefit
of higher interest income more than offsetting the impact of higher
interest rates.
Foreign exchange and other net financing loss in 2Q 2023 was
$133 million as compared to a loss of $117 million in 1Q 2023 and a
loss of $183 million in 2Q 2022. 2Q 2023 included a foreign
exchange loss of $60 million as compared to a foreign exchange gain
of $31 million in 1Q 2023 and a loss of $152 million in 2Q
2022.
ArcelorMittal recorded an income tax expense of $231 million
(including deferred tax benefit of $85 million) in 2Q 2023, as
compared to an income tax expense of $189 million (including
deferred tax benefit of $93 million) in 1Q 2023 and an income tax
expense of $826 million (including deferred tax benefit of $74
million) in 2Q 2022.
ArcelorMittal recorded net income in 2Q 2023 of $1,860 million
as compared to $1,096 million in 1Q 2023 and $3,923 million for 2Q
2022.
ArcelorMittal's basic earnings per common share for 2Q 2023 was
higher at $2.21 as compared to $1.28 in 1Q 2023 and lower compared
to $4.25 in 2Q 2022.
Analysis of segment
operations
NAFTA
|
(USDm) unless otherwise shown |
2Q 23 |
1Q 23 |
2Q 22 |
1H 23 |
1H 22 |
|
Sales |
3,498 |
3,350 |
3,653 |
6,848 |
7,413 |
|
Operating income |
662 |
455 |
817 |
1,117 |
1,871 |
|
Depreciation |
(127) |
(126) |
(93) |
(253) |
(186) |
|
EBITDA |
789 |
581 |
910 |
1,370 |
2,057 |
|
Crude steel production (kt) |
2,244 |
2,176 |
2,043 |
4,420 |
4,120 |
|
Steel shipments* (kt) |
2,604 |
2,843 |
2,453 |
5,447 |
4,909 |
|
Average steel selling price (US$/t) |
1,116 |
994 |
1,317 |
1,052 |
1,319 |
* NAFTA steel shipments include slabs sourced by the segment
from Group companies (mainly the Brazil segment) and sold to the
Calvert JV (eliminated in the Group consolidation). These shipments
can vary between periods due to slab sourcing mix and timing of
vessels. 2Q'23 360kt; 1Q'23 474kt; 2Q'22 183kt; 1H'23 834kt and
1H'22 660kt
NAFTA segment crude steel production increased by +3.1% to 2.2Mt
in 2Q 2023, as compared to 1Q 2023, and increased by +9.8% as
compared to 2Q 2022 which had been impacted by labor actions in
Mexico and maintenance in Canada.
Steel shipments in 2Q 2023 declined by 0.2Mt to 2.6Mt as
compared to 2.8Mt in 1Q 2023 primarily due to lower slab shipments
sourced from Group companies (mainly the Brazil segment and sold to
the Calvert JV) and lower Mexico shipments. Steel shipments in 2Q
2023 were +6.2% higher than 2Q 2022.
Sales in 2Q 2023 increased by +4.4% to $3.5 billion, as compared
to $3.4 billion in 1Q 2023 primarily on account of higher average
steel selling prices (+12.3%) offset in part by lower steel
shipments. Sales declined by -4.2% in 2Q 2023 as compared to 2Q
2022 primarily on account of lower average steel selling prices
(-15.3%) offset in part by higher steel shipment volumes (+6.2%),
and the impact of the consolidation of ArcelorMittal Texas HBI.
Operating income in 2Q 2023 increased by +45.4% to $662 million
as compared to $455 million in 1Q 2023 and was -18.9% lower as
compared to $817 million in 2Q 2022.
EBITDA in 2Q 2023 of $789 million was +35.8% higher as compared
to $581 million in 1Q 2023, primarily due to a positive price-cost
effect. EBITDA in 2Q 2023 was -13.3% lower as compared to $910
million in 2Q 2022 mainly due to a negative price-cost effect
offset in part by higher steel shipments (+6.2%) and contribution
from ArcelorMittal Texas HBI.
Brazil6
|
(USDm) unless otherwise shown |
2Q 23 |
1Q 23 |
2Q 22 |
1H 23 |
1H 22 |
|
Sales |
3,826 |
3,068 |
3,986 |
6,894 |
7,352 |
|
Operating income |
553 |
323 |
1,201 |
876 |
1,875 |
|
Depreciation |
(105) |
(72) |
(71) |
(177) |
(129) |
|
EBITDA |
658 |
395 |
1,272 |
1,053 |
2,004 |
|
Crude steel production (kt) |
3,732 |
3,052 |
3,085 |
6,784 |
6,125 |
|
Steel shipments (kt) |
3,583 |
2,937 |
3,003 |
6,520 |
6,040 |
|
Average steel selling price (US$/t) |
1,001 |
978 |
1,234 |
991 |
1,136 |
Brazil segment crude steel production increased by +22.3% to
3.7Mt in 2Q 2023 as compared to 3.1Mt in 1Q 2023, primarily due to
the consolidation of ArcelorMittal Pecém as from March 9, 2023. On
a scope adjusted basis excluding the impact of ArcelorMittal Pecém,
2Q 2023 crude production was higher by +6.0% as compared to 1Q 2023
and lower by -3.3% as compared to 3.1Mt in 2Q 2022.
Steel shipments in 2Q 2023 increased by +22.0% to 3.6Mt as
compared to 2.9Mt in 1Q 2023 and +19.3% higher as compared to 3.0Mt
in 2Q 2022 primarily due to the impact of ArcelorMittal Pecém. On a
scope adjusted basis (i.e. excluding ArcelorMittal Pecém), steel
shipments in 2Q 2023 increased by +4.5% as compared to 1Q 2023,
mainly due to exports, and decreased by -5.4% as compared to 2Q
2022, due to lower demand.
Sales in 2Q 2023 increased by +24.7% to $3.8 billion as compared
to $3.1 billion in 1Q 2023, primarily due to a +22.0% increase in
steel shipments (including ArcelorMittal Pecém). Sales in 2Q 2023
were -4.0% lower than $4.0 billion at 2Q 2022 primarily on account
of the -18.9% decline in average steel selling prices offset in
part by higher steel shipments.
Operating income in 2Q 2023 of $553 million was +71.0% higher as
compared to $323 million in 1Q 2023 and -53.9% lower than $1,201
million in 2Q 2022.
EBITDA in 2Q 2023 increased by +66.5% to $658 million as
compared to $395 million in 1Q 2023, due to higher steel shipments,
a positive price-cost effect and contribution from ArcelorMittal
Pecém. EBITDA in 2Q 2023 was -48.2% lower than $1,272 million in 2Q
2022 primarily due to negative price-cost effect.
Europe
|
(USDm) unless otherwise shown |
2Q 23 |
1Q 23 |
2Q 22 |
1H 23 |
1H 22 |
|
Sales |
10,518 |
10,903 |
13,449 |
21,421 |
26,492 |
|
Operating income |
556 |
377 |
2,063 |
933 |
4,144 |
|
Depreciation |
(309) |
(294) |
(326) |
(603) |
(652) |
|
EBITDA |
865 |
671 |
2,389 |
1,536 |
4,796 |
|
Crude steel production (kt) |
6,943 |
7,779 |
8,261 |
14,722 |
16,950 |
|
Steel shipments (kt) |
7,274 |
7,752 |
7,967 |
15,026 |
16,301 |
|
Average steel selling price (US$/t) |
1,097 |
1,055 |
1,292 |
1,076 |
1,254 |
Europe segment crude steel production decreased by -10.8% to
6.9Mt in 2Q 2023 as compared to 7.8Mt in 1Q 2023 primarily due to
outages of blast furnaces, in Gijon, Spain (BF A) and Dunkirk,
France (BF4) in late March 2023. These blast furnaces were
restarted in mid-July 2023. Crude steel production was -16.0% lower
as compared to 8.3Mt in 2Q 2022.
Steel shipments decreased by -6.2% to 7.3Mt in 2Q 2023 as
compared to 7.8Mt in 1Q 2023 primarily due to lower production as
discussed above. Shipments declined by -8.7% as compared to 8.0Mt
in 2Q 2022 primarily due to lower production as discussed
above.
Sales in 2Q 2023 declined by -3.5% to $10.5 billion, as compared
to $10.9 billion in 1Q 2023, as the +4.0% increase in average steel
selling prices was offset in part by a -6.2% decline in steel
shipments. Sales declined by -21.8% as compared to $13.4 billion in
2Q 2022 primarily due to lower steel shipments (-8.7%) and lower
average steel selling prices (-15.0%).
Operating income in 2Q 2023 was $556 million as compared to $377
million in 1Q 2023 and $2,063 million in 2Q 2022.
EBITDA in 2Q 2023 of $865 million increased by +28.9% as
compared to $671 million in 1Q 2023, mainly due to an increase in
average steel selling price and lower energy costs, offset in part
by lower steel shipments. EBITDA in 2Q 2023 decreased by -63.8% as
compared to $2,389 million in 2Q 2022 due to a negative price-cost
effect and lower shipments (-8.7%), offset partly by lower energy
costs.
ACIS
|
(USDm) unless otherwise shown |
2Q 23 |
1Q 23 |
2Q 22 |
1H 23 |
1H 22 |
|
Sales |
1,389 |
1,445 |
1,484 |
2,834 |
3,570 |
|
Operating (loss)income |
(64) |
(176) |
43 |
(240) |
323 |
|
Depreciation |
(73) |
(72) |
(106) |
(145) |
(211) |
|
EBITDA |
9 |
(104) |
149 |
(95) |
534 |
|
Crude steel production (kt) |
1,768 |
1,483 |
1,261 |
3,251 |
3,713 |
|
Steel shipments (kt) |
1,497 |
1,500 |
1,218 |
2,997 |
3,289 |
|
Average steel selling price (US$/t) |
727 |
741 |
925 |
734 |
881 |
ACIS segment crude steel production in 2Q 2023 was 1.8Mt, an
increase of +19.2% as compared to 1Q 2023 and +40.2% higher than 2Q
2022 primarily due to higher production in Ukraine and South
Africa.
Steel shipments in 2Q 2023 were stable at 1.5Mt as compared to
1Q 2023 and were +22.9% higher as compared to 1.2Mt in 2Q 2022
(impacted by the Ukraine war).
Sales in 2Q 2023 decreased by -3.9%% to $1.4 billion as compared
to 1Q 2023, primarily due to lower average steel selling prices
(-1.8%).
Operating loss in 2Q 2023 totalled $64 million as compared to an
operating loss in 1Q 2023 of $176 million and an operating income
of $43 million in 2Q 2022.
EBITDA totalled $9 million in 2Q 2023 as compared to EBITDA loss
of $104 million in 1Q 2023 primarily due to lower costs. EBITDA of
$9 million in 2Q 2023 declined as compared to $149 million in 2Q
2022 primarily due to lower average steel selling prices (-21.4%)
offset in part by higher steel shipments (+22.9%).
Mining
|
(USDm) unless otherwise shown |
2Q 23 |
1Q 23 |
2Q 22 |
1H 23 |
1H 22 |
|
Sales |
680 |
904 |
1,005 |
1,584 |
1,938 |
|
Operating income |
225 |
374 |
463 |
599 |
974 |
|
Depreciation |
(56) |
(56) |
(64) |
(112) |
(120) |
|
EBITDA |
281 |
430 |
527 |
711 |
1,094 |
|
|
|
|
|
|
|
|
Iron ore production (Mt) |
6.4 |
6.7 |
7.3 |
13.1 |
14.2 |
|
Iron ore shipment (Mt) |
6.6 |
7.4 |
7.5 |
14.0 |
14.2 |
Note: Mining segment comprises iron ore operations of
ArcelorMittal Mines Canada and ArcelorMittal Liberia.
Iron ore production in 2Q 2023 was -4.6% lower at 6.4Mt as
compared to 6.7Mt in 1Q 2023 (impacted by a 10-day strike in
Liberia) and was -12.3% lower than 7.3Mt in 2Q 2022, primarily
impacted by unplanned maintenance in ArcelorMittal Mines Canada
(AMMC)7.
Iron ore shipments were -12.8% lower at 6.6Mt in 2Q 2023 as
compared to 7.4Mt in 1Q 2023. 1Q 2023 iron ore shipments had
benefited from the recovery of port operations in Canada impacted
by severe storms during December 2022, whilst 2Q 2023 was impacted
by lower production in AMMC and Liberia (as discussed above). 2Q
2023 iron ore shipments were -13.7% lower as compared to 7.5Mt in
2Q 2022, primarily due to the lower production at AMMC as mentioned
above.
Operating income in 2Q 2023 was lower by -39.8% at $225 million
as compared to $374 million in 1Q 2023 and lower by -51.5% as
compared to $463 million in 2Q 2022.
EBITDA in 2Q 2023 of $281 million was lower as compared to $430
million in 1Q 2023, with the effect of lower iron ore reference
prices (-11.8%), lower shipments (-12.8%) and higher costs
including higher freight costs. EBITDA in 2Q 2023 was lower as
compared to $527 million in 2Q 2022, primarily due to lower iron
ore reference prices (-19.9%), lower iron ore shipments (-13.7%)
and lower quality premia partially offset by lower freight
costs.
Joint venturesArcelorMittal has investments in
various joint ventures and associate entities globally. The Company
considers the Calvert (50% equity interest) and AMNS India (60%
equity interest) joint ventures to be of particular strategic
importance, warranting more detailed disclosures to improve the
understanding of their operational performance and value to the
Company.Calvert
|
(USDm) unless otherwise shown |
2Q 23 |
1Q 23 |
2Q 22 |
1H 23 |
1H 22 |
|
Production (100% basis) (kt)* |
1,198 |
1,226 |
1,127 |
2,424 |
2,251 |
| Steel shipments
(100% basis) (kt)** |
1,157 |
1,170 |
1,123 |
2,327 |
2,294 |
|
EBITDA (100% basis)*** |
142 |
37 |
261 |
179 |
588 |
* Production: all production of the hot strip mill including
processing of slabs on a hire work basis for ArcelorMittal group
entities and third parties, including stainless steel slabs.
** Shipments: including shipments of finished products processed
on a hire work basis for ArcelorMittal group entities and third
parties, including stainless steel products.
*** EBITDA of Calvert presented here on a 100% basis as a
stand-alone business and in accordance with the Company's policy,
applying the weighted average method of accounting for
inventory.
Calvert’s hot strip mill (“HSM”) production during 2Q 2023
decreased by -2.3% to 1.2Mt, as compared to 1Q 2023, and increased
by +6.3% as compared to 1.1Mt in 2Q 2022.
Steel shipments in 2Q 2023 declined by -1.1% as compared to 1Q
2023 and higher by +3.0% as compared to 2Q 2022.
EBITDA*** during 2Q 2023 of $142 million as compared to $37
million in 1Q 2023 was primarily due to higher sales prices.
AMNS India
|
(USDm) unless otherwise shown |
2Q 23 |
1Q 23 |
2Q 22 |
1H 23 |
1H 22 |
|
Crude steel production (100% basis) (kt) |
1,792 |
1,765 |
1,668 |
3,557 |
3,398 |
| Steel shipments
(100% basis) (kt) |
1,679 |
1,830 |
1,511 |
3,509 |
3,243 |
|
EBITDA (100% basis) |
563 |
341 |
365 |
904 |
835 |
Crude steel production in 2Q 2023 was stable at 1.8Mt as
compared to 1Q 2023 (following a 85-day Corex furnace shutdown
offset by higher production from DRI route) and +7.4% higher as
compared to 2Q 2022.
Steel shipments in 2Q 2023 were -8.3% lower at 1.7Mt as compared
1.8Mt in 1Q 2023 (primarily due to planned maintenance of HSM) and
+11.1% higher as compared to 1.5Mt in 2Q 2022.
EBITDA during 2Q 2023 of $563 million was higher as compared to
$341 million in 1Q 2023, primarily due to higher average steel
selling prices and lower costs (including energy costs) offset in
part by lower steel shipments. EBITDA during 2Q 2023 of $563
million was higher as compared to $365 million in 2Q 2022, due to
higher steels shipments and lower costs.
Liquidity and Capital ResourcesNet cash
provided by operating activities in 2Q 2023 was $2,087 million as
compared to $949 million in 1Q 2023 and $2,554 million in 2Q 2022.
Net cash provided by operating activities in 2Q 2023 includes a
working capital release of $178 million as compared to investments
of $775 million in 1Q 2023 and $1,008 million in 2Q 2022. The
Company expects that working capital will follow the normal
seasonal patterns over the remainder of 2023 and continues to
expect an overall working capital release for the full year.
Net cash used in investing activities in 2Q 2023 was $1,015
million, which included capex of $1,060 million (as compared with
$938 million in 1Q 2023), in line with the guidance for the full
year 2023 of $4.5-5.0 billion8,15.
The previously announced strategic capex envelope has now been
revised to reflect change of scope and inflation to the Liberia and
Monlevade projects whilst the Ukraine pellet plant project
previously on hold has been removed. The strategic envelope has
$3.4 billion outstanding to be completed by 2026.14 (See Appendix
2b: Capital Expenditures for details).
Net cash inflow from other investing activities in 2Q 2023 of
$45 million mainly related to sale of non-core assets. Net cash
used in other investing activities in 1Q 2023 of $1,931 million
included the following main items: $2.2 billion related to the
acquisition of ArcelorMittal Pecém, other acquisitions including
Riwald Recycling, Italpannelli Deutschland and investment in Boston
Metal (part of XCarb™ innovation fund)9 and payment of $0.2 billion
to Votorantim10 in Brazil, offset in part by $0.6 billion cash
received from the partial sale of Erdemir shares11 (to fund the
partial repurchase of mandatorily convertible bonds (“MCBs”)).
Net cash used in financing activities in 2Q 2023 was $1,490
million which included a $812 million note repayment at maturity,
ArcelorMittal share buybacks totalling $227 million ($149 million
for 5.7 million shares purchased during 2Q 2023 and $78 million
related to 1Q 2023 purchases settled early April 2023). Net cash
used in financing activities in 1Q 2023 was $1,349 million which
included euro-denominated note repayment of $395 million, $53
million dividends mainly paid to the minority shareholders of AMMC,
$477 million related to ArcelorMittal share buybacks (19.1 million
shares for a total value of $555 million of which $78 million
settled early April 2023) and $340 million related to the partial
repurchase of the MCBs using proceeds from the sale of Erdemir
shares11 (as discussed above).
During 2Q 2023, the Company paid the first installment of its
$0.44/sh base dividend to shareholders for $0.22/share in June 2023
($185 million) with the second installment due in December 2023 and
paid $12 million to minority shareholders.
As of June 30, 2023, the Company had liquidity of $11.4 billion
consisting of cash and cash equivalents of $5.9 billion and $5.5
billion of available credit lines as compared to liquidity of $11.8
billion in March 31, 2023 (consisting of cash and cash equivalents
of $6.3 billion and $5.5 billion of available credit lines12). As
of June 30, 2023, the average debt maturity was 6.2
years.OutlookBased on year-to-date developments
and the current economic outlook, ArcelorMittal forecasts global
ex-China apparent steel consumption (“ASC”) to grow by between
+1.0% to 2.0% (previous estimate of +2.0% to +3.0%) in 2023 as
compared to 2022 reflecting the latest estimates by region:
- In the US, as real demand growth is expected to remain
lackluster due to the lagged impact of interest rate rises,
apparent steel consumption in 2023 is now expected to decline by
-2.0% to 0.0% (versus previous guidance of +1.5% to +3.5% growth).
US ASC forecasts have been moderated to reflect weakness in long
products and pipes & tubes whilst apparent demand for flat
products is still forecast to grow;
- In Europe, whilst the Company continues to assume a marginal
decline in real demand in 2023, apparent demand is expected to
moderate to -0.5% to +1.5% in 2023 (versus previous guidance of
+0.5% to +2.5%). The marginal change to European ASC forecasts is
largely due to a decline in long products demand forecast due to
weak construction activity, whilst apparent demand for flat
products is still expected to increase;
- In Brazil, due to the ongoing high interest rate environment,
the Company has moderated its real steel consumption estimate in
2023 and now forecasts an ASC growth of 0.0% to +2.0% (revised down
from the previous guidance of +3.0% to +5.0%);
- In the CIS region (which includes Commonwealth of Independent
States and Ukraine), the Company forecasts some improvement in
steel consumption in Ukraine, and now expects ASC to grow 0.0% to
+2.0% (revised up from the previous guidance of -2.0% to 0.0%) for
the region;
- In India, the Company continues expects another strong year
with apparent steel consumption growth in the range of +6.0% to
+8.0% (unchanged from the previous guidance of +6.0% to +8.0%);
and
- In China, whilst economic growth is expected to be broadly
stable in 2023, steel consumption is expected to stabilize in 2023
to -1.0% to +1.0% (unchanged from the previous guidance) with
potential upside dependent on government infrastructure stimulus
and production discipline impacts.
Recent developments
- On June 16, 2023, S&P upgraded its outlook on ArcelorMittal
to positive on expected strengthening of the business and affirmed
the BBB- investment grade rating.
- On May 19, 2023, ArcelorMittal announced that upon mandatory
conversion of the 24,290,025 outstanding 5.50% Mandatorily
Convertible Subordinated Notes due May 18, 2023, it delivered to
holders a total of 57,057,991 shares held in treasury on May 19,
2023.
- On May 5, 2023, following publication of the first quarter 2023
results press release dated May 4, 2023, ArcelorMittal announced
the commencement of a new buyback program of up to 85 million
shares (the "Program") under the authorization given by the annual
general meeting of shareholders of May 2, 2023, to be completed by
May 2025. The actual amount of shares that will be repurchased
pursuant to this new Program will depend on the level of
post-dividend free cash flow generated over the period (the
Company’s defined policy is to return a minimum of 50% of
post-dividend annual FCF), the continued authorization by
shareholders and market conditions. The shares acquired under the
Program are intended: i) primarily to reduce ArcelorMittal’s share
capital; ii) to meet ArcelorMittal’s obligations arising from
employee share programs; and/or iii) to meet ArcelorMittal’s
obligations under securities exchangeable into equity
securities.
ArcelorMittal Condensed Consolidated Statements of
Financial Position1
|
In millions of U.S. dollars |
Jun 30, 2023 |
Mar 31, 2023 |
Dec 31, 2022 |
|
ASSETS |
|
|
|
| Cash and
cash equivalents |
5,943 |
6,290 |
9,414 |
| Trade
accounts receivable and other |
4,774 |
4,989 |
3,839 |
|
Inventories |
20,036 |
19,820 |
20,087 |
| Prepaid expenses and other current
assets |
3,636 |
4,655 |
3,778 |
|
Total Current Assets |
34,389 |
35,754 |
37,118 |
|
|
|
|
|
| Goodwill
and intangible assets |
5,074 |
5,023 |
4,903 |
|
Property, plant and equipment |
33,682 |
32,900 |
30,167 |
|
Investments in associates and joint ventures |
11,142 |
10,904 |
10,765 |
| Deferred
tax assets |
8,901 |
8,571 |
8,554 |
| Other
assets |
2,235 |
2,108 |
3,040 |
|
Total Assets |
95,423 |
95,260 |
94,547 |
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
Short-term debt and current portion of long-term debt |
1,809 |
2,827 |
2,583 |
| Trade
accounts payable and other |
13,454 |
13,312 |
13,532 |
| Accrued expenses and other current
liabilities |
5,791 |
6,687 |
6,283 |
|
Total Current Liabilities |
21,054 |
22,826 |
22,398 |
|
|
|
|
|
|
Long-term debt, net of current portion |
8,651 |
8,650 |
9,067 |
| Deferred
tax liabilities |
2,722 |
2,596 |
2,666 |
| Other
long-term liabilities |
5,087 |
5,067 |
4,826 |
|
Total Liabilities |
37,514 |
39,139 |
38,957 |
|
|
|
|
|
| Equity
attributable to the equity holders of the parent |
55,720 |
53,974 |
53,152 |
|
Non-controlling interests |
2,189 |
2,147 |
2,438 |
|
Total Equity |
57,909 |
56,121 |
55,590 |
|
Total Liabilities and Shareholders’ Equity |
95,423 |
95,260 |
94,547 |
ArcelorMittal Condensed Consolidated Statements of
Operations1
|
|
Three months ended |
Six months ended |
|
In millions of U.S. dollars unless otherwise
shown |
Jun 30, 2023 |
Mar 31, 2023 |
Jun 30, 2022 |
Jun 30, 2023 |
Jun 30, 2022 |
|
Sales |
18,606 |
18,501 |
22,142 |
37,107 |
43,978 |
|
Depreciation (B) |
(680) |
(630) |
(669) |
(1,310) |
(1,316) |
|
Impairment items (B) |
— |
— |
— |
— |
— |
|
Exceptional items (B) |
— |
— |
— |
— |
— |
|
Operating income (A) |
1,925 |
1,192 |
4,494 |
3,117 |
8,927 |
|
Operating margin % |
10.3 % |
6.4 % |
20.3 % |
8.4 % |
20.3 % |
|
|
|
|
|
|
|
| Income
from associates, joint ventures and other investments |
393 |
318 |
578 |
711 |
1,137 |
| Net
interest expense |
(47) |
(64) |
(53) |
(111) |
(104) |
| Foreign
exchange and other net financing (loss) |
(133) |
(117) |
(183) |
(250) |
(323) |
|
Income before taxes and non-controlling
interests |
2,138 |
1,329 |
4,836 |
3,467 |
9,637 |
|
Current tax expense |
(316) |
(282) |
(900) |
(598) |
(1,595) |
|
Deferred tax benefit |
85 |
93 |
74 |
178 |
214 |
| Income
tax expense (net) |
(231) |
(189) |
(826) |
(420) |
(1,381) |
|
Income including non-controlling interests |
1,907 |
1,140 |
4,010 |
3,047 |
8,256 |
|
Non-controlling interests income |
(47) |
(44) |
(87) |
(91) |
(208) |
|
Net income attributable to equity holders of the
parent |
1,860 |
1,096 |
3,923 |
2,956 |
8,048 |
|
|
|
|
|
|
|
|
Basic earnings per common share ($) |
2.21 |
1.28 |
4.25 |
3.47 |
8.53 |
|
Diluted earnings per common share ($) |
2.20 |
1.27 |
4.24 |
3.46 |
8.51 |
|
|
|
|
|
|
|
|
Weighted average common shares outstanding (in millions) |
842 |
859 |
924 |
851 |
944 |
|
Diluted weighted average common shares outstanding (in
millions) |
845 |
862 |
926 |
853 |
946 |
|
|
|
|
|
|
|
|
OTHER INFORMATION |
|
|
|
|
|
|
EBITDA (C = A-B) |
2,605 |
1,822 |
5,163 |
4,427 |
10,243 |
| EBITDA
Margin % |
14.0 % |
9.8 % |
23.3 % |
11.9 % |
23.3 % |
|
|
|
|
|
|
|
| Total
group iron ore production (Mt) |
10.5 |
10.8 |
12.0 |
21.3 |
24.0 |
| Crude
steel production (Mt) |
14.7 |
14.5 |
14.6 |
29.2 |
30.9 |
| Steel
shipments (Mt) |
14.2 |
14.5 |
14.4 |
28.7 |
29.7 |
ArcelorMittal Condensed Consolidated Statements of Cash
flows1
|
|
Three months ended |
Six months ended |
|
In millions of U.S. dollars |
Jun 30, 2023 |
Mar 31, 2023 |
Jun 30, 2022 |
Jun 30, 2023 |
Jun 30, 2022 |
|
Operating activities: |
|
|
|
|
|
|
Income attributable to equity holders of the
parent |
1,860 |
1,096 |
3,923 |
2,956 |
8,048 |
|
Adjustments to reconcile net income to net cash provided by
operations: |
|
|
|
|
|
|
Non-controlling interests income |
47 |
44 |
87 |
91 |
208 |
| Depreciation |
680 |
630 |
669 |
1,310 |
1,316 |
|
Income from associates, joint ventures and other investments |
(393) |
(318) |
(578) |
(711) |
(1,137) |
| Deferred
tax benefit |
(85) |
(93) |
(74) |
(178) |
(214) |
| Change
in working capital |
178 |
(775) |
(1,008) |
(597) |
(3,055) |
| Other
operating activities (net) |
(200) |
365 |
(465) |
165 |
(578) |
|
Net cash provided by operating activities (A) |
2,087 |
949 |
2,554 |
3,036 |
4,588 |
|
Investing activities: |
|
|
|
|
|
| Purchase
of property, plant and equipment and intangibles (B) |
(1,060) |
(938) |
(655) |
(1,998) |
(1,184) |
| Other
investing activities (net) |
45 |
(1,931) |
(886) |
(1,886) |
(963) |
|
Net cash used in investing activities |
(1,015) |
(2,869) |
(1,541) |
(3,884) |
(2,147) |
|
Financing activities: |
|
|
|
|
|
| Net
(payments)proceeds relating to payable to banks and long-term
debt |
(1,011) |
(390) |
389 |
(1,401) |
768 |
|
Dividends paid to ArcelorMittal shareholders |
(185) |
— |
(332) |
(185) |
(332) |
|
Dividends paid to minorities (C) |
(12) |
(53) |
(166) |
(65) |
(178) |
| Share buyback |
(227) |
(477) |
(1,496) |
(704) |
(2,000) |
|
Lease payments and other financing activities (net) |
(55) |
(429) |
(46) |
(484) |
(94) |
|
Net cash used in financing activities |
(1,490) |
(1,349) |
(1,651) |
(2,839) |
(1,836) |
| Net (decrease)increase in cash and cash
equivalents |
(418) |
(3,269) |
(638) |
(3,687) |
605 |
|
Effect of exchange rate changes on cash |
64 |
148 |
(367) |
212 |
(363) |
|
Change in cash and cash equivalents |
(354) |
(3,121) |
(1,005) |
(3,475) |
242 |
|
|
|
|
|
|
|
|
Free cash flow (D=A+B+C) |
1,015 |
(42) |
1,733 |
973 |
3,226 |
Appendix 1: Product shipments by
region1
|
(000'kt) |
2Q 23 |
1Q 23 |
2Q 22 |
1H 23 |
1H 22 |
|
Flat |
2,046 |
2,208 |
1,800 |
4,254 |
3,611 |
|
Long |
667 |
691 |
748 |
1,358 |
1,405 |
|
NAFTA |
2,604 |
2,843 |
2,453 |
5,447 |
4,909 |
|
Flat |
2,363 |
1,740 |
1,643 |
4,103 |
3,390 |
|
Long |
1,234 |
1,217 |
1,380 |
2,451 |
2,689 |
|
Brazil |
3,583 |
2,937 |
3,003 |
6,520 |
6,040 |
|
Flat |
5,049 |
5,468 |
5,705 |
10,517 |
11,658 |
|
Long |
2,068 |
2,148 |
2,146 |
4,216 |
4,421 |
|
Europe |
7,274 |
7,752 |
7,967 |
15,026 |
16,301 |
|
CIS |
905 |
901 |
730 |
1,806 |
2,135 |
|
Africa |
593 |
600 |
492 |
1,193 |
1,159 |
|
ACIS |
1,497 |
1,500 |
1,218 |
2,997 |
3,289 |
Note: “Others and eliminations” are not presented in the
table
Appendix 2a: Capital
expenditures1
|
(USDm) |
2Q 23 |
1Q 23 |
2Q 22 |
1H 23 |
1H 22 |
|
NAFTA |
122 |
115 |
115 |
237 |
202 |
|
Brazil |
215 |
167 |
123 |
382 |
213 |
|
Europe |
350 |
351 |
211 |
701 |
398 |
|
ACIS |
117 |
106 |
107 |
223 |
197 |
|
Mining |
204 |
168 |
92 |
372 |
162 |
|
Others |
52 |
31 |
7 |
83 |
12 |
|
Total |
1,060 |
938 |
655 |
1,998 |
1,184 |
Appendix 2b: Capital expenditure projects
Completed projects
|
Segment |
Site / unit |
Project |
Capacity / details |
Key date / completion |
|
NAFTA |
ArcelorMittal Dofasco (Canada) |
#5 CGL conversion to AluSi® |
Addition of up to 160kt/year Aluminum Silicon (AluSi®) coating
capability to #5 Hot-Dip Galvanizing Line for the production of
Usibor® steels |
3Q 2022 (a) |
Ongoing projects
|
Segment |
Site / unit |
Project |
Capacity / details |
Key date / forecast completion |
|
Brazil |
ArcelorMittal Vega Do Sul |
Expansion project |
Increase hot dipped / cold rolled coil capacity and construction of
a new 700kt continuous annealing line (CAL) and continuous
galvanizing line (CGL) combiline |
4Q 2023 (b) |
|
Mining |
Liberia mine |
Phase 2 premium product expansion project |
Increase production capacity to 15Mt/year |
4Q 2024 (c) |
|
NAFTA |
Las Truchas mine (Mexico) |
Revamping and capacity increase to 2.3MT |
Revamping project with 1Mtpa pellet feed capacity increase (to
2.3Mt/year) with DRI concentrate grade capability |
2H 2024 (d) |
|
Brazil |
Serra Azul mine |
4.5Mtpa direct reduction pellet feed plant |
Facilities to produce 4.5Mt/year DRI quality pellet feed by
exploiting compact itabiriteiron ore |
2H 2024 (e) |
|
Brazil |
Barra Mansa |
Section mill |
Increase capacity of HAV bars and sections by 0.4Mt/pa |
1H 2024 (f) |
|
Others |
Andhra Pradesh (India) |
Renewable energy project |
975 MW of nominal capacity solar and wind power |
1H 2024 (g) |
|
Europe |
Mardyck (France) |
New Electrical Steels production facilities |
Facilities to produce 170kt NGO Electrical Steels (of which 145kt
for Auto applications) consisting of annealing and pickling line
(APL), reversing mill (REV) and annealing and varnishing (ACL)
lines |
2H 2024 (h) |
|
Brazil |
Monlevade |
Sinter plant, blast furnace and melt shop |
Increase in liquid steel capacity by 1.0Mt/year; Sinter feed
capacity of 2.25Mt/year |
2H 2026 (i) |
a) Investment to replace #5 Hot-Dip Galvanizing Line Galvanneal
coating capability with 160kt/year Aluminum Silicon (AluSi®)
capability for the production of ArcelorMittal’s patented Usibor®
Press Hardenable Steel for automotive structural and safety
components. With the investment, ArcelorMittal Dofasco becomes the
only Canadian producer of AluSi® coated Usibor®. This investment
complements additional strategic North America developments,
including a new EAF and caster at Calvert in the US and a new hot
strip mill in Mexico, and will allow to capitalize on increasing
Auto Aluminized PHS demand in North America. The project was
completed in 3Q 2022 and is estimated to add $40 million of EBITDA
post ramp up (estimated by 2025).
b) In February 2021, ArcelorMittal announced the resumption of
the Vega Do Sul expansion to provide an additional 700kt of
cold-rolled annealed and galvanized capacity to serve the growing
domestic market. The ~$0.35 billion investment programme to
increase rolling capacity with construction of a new continuous
annealing line and CGL combiline (and the option to add a ca. 100kt
organic coating line to serve construction and appliance segments)
will upon completion strengthen ArcelorMittal’s position in the
fast growing automotive and industry markets through Advanced High
Strength Steel products. The project is expected to be completed in
4Q 2023 and estimated to add >$0.1 billion of EBITDA on full
completion and post ramp up.
c) ArcelorMittal Liberia has been operating at 5Mtpa direct
shipping ore (DSO) capacity since 2011 (Phase 1). The Company
restarted construction of a 15Mtpa concentrator and associated
infrastructure (phase 2). Detailed construction design has been
finalized and key equipment and construction contracts have been
awarded. Given our improved knowledge of the ore body and desire to
maximize the increased resource base, changes have been made to the
feed grade to sustain a longer-term high grade mining operation
with an extended mine life producing 65% grade product. As a
result, capex required to conclude the project has been revised to
$1.4 billion (previously $0.8 billion). This increase reflects a
redesign of the 15Mtpa concentrator project to optimize use of the
ore body, which necessitated an upgrade of civil works and
additional equipment together with non-production infrastructure
and a backup power plant. Large resource supports a potential
future increase in capacity; in this respect a plan for the phased
development of up to 30Mtpa capacity is being studied (including
part or full DRI quality concentrate production). First concentrate
is estimated in 4Q 2024, full completion is expected 4Q 2025. The
project is now estimated to add approximately $350 million of
EBITDA on full completion and post ramp up to 15Mtpa rate.
d) ArcelorMittal Mexico is investing ~$150 million to increase
pellet feed production by 1Mtpa to 2.3Mtpa and improve concentrate
grade in Las Truchas. This project will enable concentrate
production to the blast furnace (BF) route (2.0Mtpa) and DRI route
(0.3Mtpa) for a total of 2.3Mtpa. Primary target is to supply
ArcelorMittal Mexico steel operations with high quality feed.
Project start-up expected 2H 2024. The project is estimated to add
approximately $50 million of EBITDA per year on full completion and
post ramp up.
e) Approximately $350 million investment at Serra Azul (Brazil)
to construct facilities to produce 4.5Mtpa of DRI quality pellet
feed to primarily supply ArcelorMittal Mexico steel operations. The
project will allow mining of compact itabirite iron ore. Project
start-up 2H 2024. The project is estimated to add approximately
$100 million of EBITDA per year on full completion and post ramp
up.
f) The ~$0.25 billion investment in sections mill at Barra Mansa
(Brazil) with 400ktpa production capacity. The aim of the project
is to deliver higher added value products (HAV) (Merchant Bar and
Special Bars) to increase domestic market share in HAV products and
to enhance profitability. The project commenced in 2022 and is
expected to be completed by 1H 2024 and estimated to add $70
million of EBITDA per year on full completion and post ramp up.
g) This $0.6 billion investment, combining solar and wind power,
will be supported by Greenko’s hydro pumped storage project, which
helps to overcome the intermittent nature of wind and solar power
generation. The project is owned and funded by ArcelorMittal. AMNS
India will enter into a 25 year off-take agreement with
ArcelorMittal to purchase 250 MW of renewable electricity annually
from the project, resulting in over 20% of the electricity
requirement at AMNS India’s Hazira plant coming from renewable
sources, reducing carbon emissions by approximately 1.5Mt per year.
Necessary allotment of land has been received from the Government
of Andhra Pradesh. Private land acquisition is in progress and key
contracts for the wind projects have been executed and civil works
have commenced. The project commissioning is expected by mid-2024
and estimated to add $70 million of EBITDA (excluding savings at
AMNS India) per year upon completion. The Company is studying the
option to develop a second phase which would double the installed
capacity.
h) On March 17, 2022, ArcelorMittal announced an investment with
the support of the French government to create a new production
unit for electrical steels at its Mardyck site in the north of
France. This new unit will specialize in the production of
electrical steels for the engines of electric vehicles and which
complements ArcelorMittal’s existing electrical steels plant in
Saint Chély d’Apcher, in the south of France. The new industrial
unit in Mardyck will have a 170kt production capacity and is
scheduled to start up in 3Q 2024. The $0.5 billion investment
program aims at implementing a production capacity of 170Kt
Non-Grain Orientated (NGO) Electrical Steels (of which 145kt for
automotive applications) consisting of annealing and pickling line
(APL), reversing mill (REV) and annealing and varnishing (ACL) line
to be installed in Mardyck (France). The completion will occur in 2
steps: the commissioning and start of ramp-up of the
end-of-streamline (Annealing & Coating Line and related
installations) is expected to be in 2H 2024; the start-up of the
Annealing and Pickling Line and the Reversing Mill is expected to
occur in 2Q 2025. The project is estimated potentially to add $100
million of EBITDA per year on full completion and post ramp up.
i) The Monlevade upstream expansion project consisting of the
sinter plant, blast furnace and melt shop has recommenced in late
2021. The Monlevade project capex has been revised from $0.5
billion to $0.8 billion: scope changes related to more automation,
equipment upgrades and more complex civil works post engineering
(50%) and impacts of inflation (50%). The project completion date
is now expected in 2H 2026 (as compared to previous expectation in
2H 2024). The project is estimated to add >$200 million EBITDA
on full completion and post ramp up and is supported by fiscal
incentive.
JV capex: Completed projects
|
Segment |
Site / unit |
Project |
Capacity / details |
Key date / completion |
|
VAMA |
Vama |
Capacity increase by 40% to 2Mtpa |
New CGL capacity of 450kt/year added. CGL/CAL combined capacity now
1.6Mtpa; PLTCM capacity of 2.0Mtpa |
2Q 2023 (j) |
j) VAMA, our 50:50 joint venture with Hunan Valin, is a
state-of-the-art facility focused on rolling steel for
high-demanding applications in particular automotive. The business
is performing well and a new CGL with capacity of 450kt has been
completed. First coils were produced in January 3, 2023, with
commercial production started from April 2023. This expansion
further enable VAMA to meet growing demand of high value add
solutions from the Chinese automotive / NEV market.
JV capex: Ongoing projects
|
JV |
Site / unit |
Project |
Capacity / details |
Key date / forecast completion |
|
AMNS Calvert |
Calvert |
New 1.5Mt EAF and caster |
New 1.5Mt EAF and caster |
2H 2024 (k) |
|
AMNS India |
Hazira |
Debottlenecking existing assets and capacity expansion; and other
investments ongoing |
AMNS India medium-term plans are to expand and grow initially to
~15Mt by early 2026 in Hazira (phase 1A); ongoing downstream
projects |
1H 2026 (l) |
k) AMNS Calvert ("Calvert") is constructing a new 1.5Mt EAF and
caster (estimated completion has now been extended to 2H 2024
(previously 2H 2023) largely due to enlarged scope and inflation.
The joint venture is to invest ~$1 billion. Option to add a further
1.5Mt EAF at lower capex intensity is being studied.
l) AMNS India is debottlenecking its operations (steel shop and
rolling parts) to achieve capacity of 8.6Mt per annum by the end of
2024. AMNS India medium-term plans are to expand and grow initially
to ~15Mt in 1H 2026 in Hazira (phase 1A) including automotive
downstream and enhancements to iron ore operations, with estimated
capex of ~$7.4 billion ($0.8 billion for debottlenecking, $1.0
billion for downstream projects and $5.6 billion for upstream
project):
- Phase 1A plans include a CRM2 complex and galvanizing and
annealing line, 2 blast furnaces, steel shop, HSM, ancillary
equipment (including coke, sinter, networks, power, gas, oxygen
plant etc.); and raw material handling. Start of BF2 expected in
2025 and BF3 in 2026. Also included is BF1 net capacity increase
from 2Mtpa to 3Mtpa. CGL4 is on track for completion in 3Q 2023 to
provide a platform to launch the Magnelis product in the Indian
market for the growing renewables and solar sectors. There are
further options to potentially grow to 20Mt per annum (Phase
1B);
- On October 19, 2022 and November 15, 2022, AMNS India concluded
a transaction to acquire port, power and other logistics and
infrastructure assets in India from the Essar Group for a net value
of ~$2.4 billion;
- In March 2021, AMNS India signed a Memorandum of Understanding
("MoU") with the Government of Odisha in view of building an
integrated steel plant with a 12Mtpa capacity in Kendrapara
district of state Odisha. A pre-feasibility study report was
submitted to the state government in 3Q 2021, and AMNS India is
currently engaging with the government for further studies and
clearances. Preparation for ISP projects in Paradeep and Kendrapara
underway (Environmental Clearance application done for both
Paradeep and Kendrapara projects); and
- The Thakurani mine is operating at full 5.5Mtpa capacity since
1Q 2021, while the second Odisha pellet plant was commissioned and
started in September 2021, adding 6Mtpa for a total 20Mtpa of
pellet capacity. In addition, in September 2021, AMNS India
commenced operations at Ghoraburhani - Sagasahi iron ore mine in
Odisha. The mine is set to gradually ramp up production to a rated
capacity of 7.2Mtpa and contribute significantly to meeting AMNS
India’s long-term raw material requirements.
Appendix 3: Debt repayment schedule as of June 30,
2023
|
(USD billion) |
2023 |
2024 |
2025 |
2026 |
2027 |
>2027 |
Total |
|
Bonds |
— |
0.9 |
1.0 |
1.0 |
1.2 |
2.6 |
6.7 |
|
Commercial paper |
0.7 |
— |
— |
— |
— |
— |
0.7 |
|
Other loans |
0.4 |
0.4 |
0.6 |
0.2 |
0.5 |
1.0 |
3.1 |
|
Total gross debt |
1.1 |
1.3 |
1.6 |
1.2 |
1.7 |
3.6 |
10.5 |
Appendix 4: Reconciliation of gross debt to net
debt
|
(USD million) |
Jun 30, 2023 |
Mar 31, 2023 |
Dec 31, 2022 |
|
Gross debt |
10,460 |
11,477 |
11,650 |
|
Less: Cash and cash equivalents |
(5,943) |
(6,290) |
(9,414) |
|
Net debt |
4,517 |
5,187 |
2,236 |
|
|
|
|
|
|
Net debt / LTM EBITDA |
0.5 |
0.5 |
0.2 |
Appendix 5: Terms and
definitions
Unless indicated otherwise, or the context otherwise requires,
references in this earnings release to the following terms have the
meanings set out next to them below:
Apparent steel consumption: calculated as the
sum of production plus imports minus exports.Average steel
selling prices: calculated as steel sales divided by steel
shipments.Cash and cash equivalents: represents
cash and cash equivalents, restricted cash, and short-term
investments.Capex: represents the purchase of
property, plant and equipment and intangibles.Crude steel
production: steel in the first solid state after melting,
suitable for further processing or for
sale.Depreciation: refers to amortization and
depreciation.EPS: refers to basic or diluted
earnings per share. EBITDA: operating results plus
depreciation, impairment items and exceptional
items.EBITDA/tonne: calculated as EBITDA divided
by total steel shipments.Exceptional items: income
/ (charges) relate to transactions that are significant, infrequent
or unusual and are not representative of the normal course of
business of the period.FEED: Front End Engineering
Design, or FEED, is an engineering and project management approach
undertaken before detailed engineering, procurement, and
construction. This crucial phase helps manage project risks and
thoroughly prepare for the project's execution. It directly follows
the pre-feed phase during which the concept is selected, and the
feasibility of available options is studied.Foreign
exchange and other net financing income(loss): include
foreign currency exchange impact, bank fees, interest on pensions,
impairment of financial assets, revaluation of derivative
instruments and other charges that cannot be directly linked to
operating results.Free cash flow (FCF): refers to
net cash provided by operating activities less capex less dividends
paid to minority shareholdersGross debt: long-term
debt and short-term debt.Impairment items: refers
to impairment charges net of reversals. Iron ore reference
prices: refers to iron ore prices for 62% Fe CFR
China.Kt: refers to thousand metric
tonnes.Liquidity: cash and cash equivalents plus
available credit lines excluding back-up lines for the commercial
paper program.LTIF: lost time injury frequency
rate equals lost time injuries per 1,000,000 worked hours, based on
own personnel and contractors.Mt: refers to
million metric tonnes.Net debt: long-term debt and
short-term debt less cash and cash equivalents.Net debt/LTM
EBITDA: refers to Net debt divided by EBITDA for the last
twelve months.Net interest expense: includes
interest expense less interest incomeOn-going
projects: refer to projects for which construction has
begun (excluding various projects that are under development), even
if such projects have been placed on hold pending improved
operating conditions.Operating results: refers to
operating income(loss).Own iron ore production:
includes total of all finished production of fines, concentrate,
pellets and lumps and includes share of
production.Price-cost effect: a lack of
correlation or a lag in the corollary relationship between raw
material and steel prices, which can either have a positive (i.e.
increased spread between steel prices and raw material costs) or
negative effect (i.e. a squeeze or decreased spread between steel
prices and raw material costs). Shares outstanding fully
diluted basis: refers to shares outstanding (shares issued
less treasury shares) plus Mandatorily Convertible Subordinated
Notes ("MCNs").Shipments: information at segment
and group level eliminates intra-segment shipments (which are
primarily between Flat/Long plants and Tubular plants) and
inter-segment shipments respectively. Shipments of Downstream
Solutions are excluded.Working capital change (working
capital investment / release): Movement of change in
working capital - trade accounts receivable plus inventories less
trade and other accounts payable.
Footnotes
- The financial information in this press release has been
prepared consistently with International Financial Reporting
Standards (“IFRS”) as issued by the International Accounting
Standards Board (“IASB”) and as adopted by the European Union. The
interim financial information included in this announcement has
also been prepared in accordance with IFRS applicable to interim
periods, however this announcement does not contain sufficient
information to constitute an interim financial report as defined in
International Accounting Standard 34, “Interim Financial
Reporting”. The numbers in this press release have not been
audited. The financial information and certain other information
presented in a number of tables in this press release have been
rounded to the nearest whole number or the nearest decimal.
Therefore, the sum of the numbers in a column may not conform
exactly to the total figure given for that column. In addition,
certain percentages presented in the tables in this press release
reflect calculations based upon the underlying information prior to
rounding and, accordingly, may not conform exactly to the
percentages that would be derived if the relevant calculations were
based upon the rounded numbers. Segment information presented in
this press release is prior to inter-segment eliminations and
certain adjustments made to operating results of the segments to
reflect corporate costs, income from non-steel operations (e.g.
logistics and shipping services) and the elimination of stock
margins between the segments. This press release also includes
certain non-GAAP financial/alternative performance measures.
ArcelorMittal presents EBITDA and EBITDA/tonne, free cash flow
(FCF) and ratio of net debt/LTM EBITDA which are non-GAAP
financial/alternative performance measures, as additional measures
to enhance the understanding of its operating performance.
ArcelorMittal also presents Equity book value per share and ROE as
shown in footnotes to this press release. ArcelorMittal believes
such indicators are relevant to provide management and investors
with additional information. ArcelorMittal also presents net debt
and change in working capital as additional measures to enhance the
understanding of its financial position, changes to its capital
structure and its credit assessment. ArcelorMittal is not
presenting adjusted net income/(loss) because there have been no
adjustments in recent periods. The Company’s guidance as to its
working capital release (or the change in working capital included
in net cash provided by operating activities) for 2023 is based on
the same accounting policies as those applied in the Company’s
financial statements prepared in accordance with IFRS. Non-GAAP
financial/alternative performance measures should be read in
conjunction with, and not as an alternative to, ArcelorMittal's
financial information prepared in accordance with IFRS.
- LTIF refers to lost time injury frequency rate equals lost time
injuries per 1,000,000 worked hours, based on own personnel and
contractors. LTIF figures: 2Q 2023 0.73; 1Q 2023 0.64x; 2Q 2022
0.67; 1H 2023 0.70 and 1H 2022 0.68.
- ROE refers to "Return on Equity" which is calculated as
trailing twelve-month net income (excluding impairment charges and
exceptional items) attributable to equity holders of the parent
divided by the average equity attributable to the equity holders of
the parent over the period. Twelve months rolling ROE at 2Q 2023 of
10.3% ($5.5 billion / $53.7 billion). Twelve months rolling ROE at
1Q 2023 of 14.2% ($7.6 billion / $53.3 billion).
- Equity book value per share is calculated as the Equity
attributable to the equity holders of the parent divided by diluted
number of shares at the end of the period. 2Q 2023 total equity of
$55.7 billion divided by 839 million diluted shares outstanding
equals $66/sh. 1Q 2023 total equity of $54.0 billion divided by 844
million diluted shares outstanding equals $64/sh.
- 2H 2022 EBITDA of $3.9 billion is equal to operating income of
$1.3 billion plus $1.3 billion of depreciation, plus impairment of
$1.0 billion and exceptional items of $0.3 billion.
- On March 9, 2023, ArcelorMittal announced that following
receipt of customary regulatory approvals it has completed the
acquisition of Companhia Siderúrgica do Pecém (‘CSP’) in Brazil for
an enterprise value of approximately $2.2 billion. CSP has since
been renamed ArcelorMittal Pecém and is a world-class operation,
producing high-quality slab at a globally competitive cost. Its
facility, located in the state of Ceará in northeast Brazil was
commissioned in 2016. It operates a three million tonne capacity
blast furnace and has access via conveyors to the Port of Pecém, a
large-scale, deep-water port located 10 kilometers from the plant.
The acquisition offers significant operational and financial
synergies and brings with it the potential for further expansions,
such as the option to add primary steelmaking capacity (including
direct reduced iron) and rolling and finishing capacity. Given its
location, ArcelorMittal Pecém also presents an opportunity to
create a new low-carbon steelmaking hub, capitalizing on the state
of Ceará’s ambition to develop a low-cost green hydrogen hub in
Pecém.
- ArcelorMittal Mines Canada, otherwise known as ArcelorMittal
Mines and Infrastructure Canada.
- For further disclosure on the Company's alignment on EU
Taxonomy please review the Integrated annual review published on
the group's website:
https://annualreview2022.arcelormittal.com/
- XCarb™ is designed to bring together all of ArcelorMittal’s
reduced, low and zero-carbon products and steelmaking activities,
as well as wider initiatives and green innovation projects, into a
single effort focused on achieving demonstrable progress towards
carbon neutral steel. Alongside the new XCarb™ brand, we have
launched three XCarb™ initiatives: the XCarb™ innovation fund,
XCarb™ green steel certificates and XCarb™ recycled and renewably
produced for products made via the Electric Arc Furnace route using
scrap. The Company is offering green steel using a system of
certificates (XCarb® green certificates). These will be issued by
an independent auditor to certify tonnes of CO2 savings achieved
through the Company’s investment in decarbonization technologies in
Europe. Net-zero equivalence is determined by assigning CO2 savings
certificates equivalent to CO2 per tonne of steel produced in 2018
as baseline. The certificates will relate to the tonnes of CO2
saved in total, as a direct result of the decarbonization projects
being implemented across a number of its European sites.
- On March 30, 2022, Votorantim S.A. (“Votorantim”) exercised the
put option right it has under its shareholders’ agreement with the
Company to sell its entire equity interest in ArcelorMittal Brasil
to the Company, following the acquisition of Votorantim's long
steel business in Brazil in 2018. The value of the put option is
currently the subject of arbitration proceeding brought by
Votorantim. ArcelorMittal paid Votorantim the undisputed amount of
the put option value ($179 million) in January 2023.
- The Company sold a 7.85% stake in Erdemir starting in late
December 2022, continuing into the first quarter of 2023,
generating total proceeds of $0.6 billion.
- On December 19, 2018, ArcelorMittal signed a $5.5 billion
Revolving Credit Facility ("RCF"), with a five-year maturity plus
two one-year extension options. During the fourth quarter of 2019,
ArcelorMittal executed the option to extend the facility to
December 19, 2024. The extension was completed for $5.4 billion of
the available amount, with the remaining $0.1 billion remaining
with a maturity of December 19, 2023. In December 2020,
ArcelorMittal executed the second option to extend the facility,
and the new maturity is now extended to December 19, 2025. On April
30, 2021, ArcelorMittal amended its $5.5 billion RCF to align with
its sustainability and climate action strategy. On December 20,
2022, the RCF was amended as part of the transition from Libor to
risk free rates. Loans in USD are now based on Term SOFR instead of
Libor. As of June 30, 2023, the $5.5 billion revolving credit
facility was fully available.
- Estimate of additional contribution to EBITDA, based on
assumptions including synergies and once ramped up to capacity and
assuming prices/spreads generally in line with long term
averages.
- The previously announced strategic capex envelope has now been
revised to reflect the change of scope and inflation to the Liberia
and Monlevade projects whilst the Ukraine pellet plant project
previously on hold is removed. In Liberia, given our improved
knowledge of the ore body and desire to maximize the increased
resource base, changes have been made to the feed grade to sustain
a longer-term high grade mining operation with an extended mine
life producing 65% grade product. As a result, capex required to
conclude the project has been revised to $1.4 billion (previously
$0.8 billion). This increase reflects a redesign of the 15Mtpa
concentrator project to optimize use of the ore body, which
necessitated an upgrade of civil works and additional equipment
together with non-production infrastructure and a backup power
plant. Large resource supports a potential future increase in
capacity; in this respect a plan for the phased development of up
to 30Mtpa capacity is being studied (including part or full DRI
quality concentrate production). First concentrate is estimated in
4Q 2024, full completion is expected 4Q 2025. The project is now
estimated to add approximately $350 million of EBITDA on full
completion and post ramp up to 15Mtpa rate. The Monlevade project
capex has been revised from $0.5 billion to $0.8 billion: scope
changes related to more automation and equipment upgrades, more
complex civil works post engineering (50%) and impacts of inflation
(50%). The project completion date is now expected in 2H 2026 (as
compared to previous expectation in 2H 2024). The project is
estimated to add >$200 million EBITDA on full completion and
post ramp up and is supported by fiscal incentive. As a result, the
overall strategic capex envelope has been extended by two years to
2026 (with $1.4 billion spent as of June 30 2023), and the complete
strategic envelope of projects now estimated to add approximately
$1.3 billion of EBITDA on full completion.
- 1H 2023 capex of $2.0 billion includes $1.3 billion of general
maintenance capex, $0.6 billion of strategic capex and $0.1 billion
of decarbonization capex.
Second quarter 2023 earnings analyst conference
call
ArcelorMittal management will host a conference call for members
of the investment community to present and comment on the
three-month period ended June 30, 2023 on: Thursday July
27, 2023, at 9.30am US Eastern time; 14.30pm
London time and 15.30pm CET.
Webcast link - https://interface.eviscomedia.com/player/1152
VIP Connect Conference Call:Participants may
pre-register and will receive dedicated dial-in details to easily
and quickly access the
call:https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=6618874&linkSecurityString=96e6f8890
Please visit the results section on our website to listen to the
reply once the event has finished
https://corporate.arcelormittal.com/investors/results
Forward-Looking Statements
This document contains forward-looking information and
statements about ArcelorMittal and its subsidiaries. These
statements include financial projections and estimates and their
underlying assumptions, statements regarding plans, objectives and
expectations with respect to future operations, products and
services, and statements regarding future performance.
Forward-looking statements may be identified by the words
“believe”, “expect”, “anticipate”, “target” or similar expressions.
Although ArcelorMittal’s management believes that the expectations
reflected in such forward-looking statements are reasonable,
investors and holders of ArcelorMittal’s securities are cautioned
that forward-looking information and statements are subject to
numerous risks and uncertainties, many of which are difficult to
predict and generally beyond the control of ArcelorMittal, that
could cause actual results and developments to differ materially
and adversely from those expressed in, or implied or projected by,
the forward-looking information and statements. These risks and
uncertainties include those discussed or identified in the filings
with the Luxembourg Stock Market Authority for the Financial
Markets (Commission de Surveillance du Secteur Financier) and the
United States Securities and Exchange Commission (the “SEC”) made
or to be made by ArcelorMittal, including ArcelorMittal’s latest
Annual Report on Form 20-F on file with the SEC. ArcelorMittal
undertakes no obligation to publicly update its forward-looking
statements, whether as a result of new information, future events,
or otherwise.
About ArcelorMittal
ArcelorMittal is one of the world's leading steel and mining
companies, with a presence in 60 countries and primary steelmaking
facilities in 16 countries. In 2022, ArcelorMittal had revenues of
$79.8 billion and crude steel production of 59 million metric
tonnes, while iron ore production reached 45.3 million metric
tonnes.
Our goal is to help build a better world with smarter steels.
Steels made using innovative processes which use less energy, emit
significantly less carbon and reduce costs. Steels that are
cleaner, stronger and reusable. Steels for electric vehicles and
renewable energy infrastructure that will support societies as they
transform through this century. With steel at our core, our
inventive people and an entrepreneurial culture at heart, we will
support the world in making that change. This is what we believe it
takes to be the steel company of the future.
ArcelorMittal is listed on the stock exchanges of New York (MT),
Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish
stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please visit:
http://corporate.arcelormittal.com/
EnquiriesArcelorMittal investor relations: +44
207 543 1128; Retail: +44 207 543 1156; SRI: +44 207 543 1156 and
Bonds/credit: +33 1 71 92 10 26.
ArcelorMittal corporate communications (e-mail:
press@arcelormittal.com) +44 207 629 7988. Contact: Paul Weigh +44
203 214 2419.Attachment
- 2Q23 Earnings release 270723.pdf
ArcelorMittal (EU:MT)
Gráfico Histórico do Ativo
De Nov 2023 até Dez 2023
ArcelorMittal (EU:MT)
Gráfico Histórico do Ativo
De Dez 2022 até Dez 2023
