28 March 2024, 12:15 CET
With reference to Article 19(3) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulations), ArcelorMittal announces that a notification of share transaction by a Designated Person (i.e. Directors or Executive Officers) is available in the Luxembourg Stock Exchange’s electronic database OAM on www.bourse.lu and on ArcelorMittal’s web site www.arcelormittal.com under Investors > Share Transactions by Management: https://corporate.arcelormittal.com/investors/corporate-governance/share-transactions-by-management
ENDS
About ArcelorMittal
ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 15 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2023 generated revenues of $68.3 billion, produced 58.1 million metric tonnes of crude steel and, 42.0 million tonnes of iron ore.
Our purpose is to produce smarter steels for people and planet. 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 the 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.
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).
http://corporate.arcelormittal.com/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
27 March 2024, 20:15 CET
ArcelorMittal has published the statutory financial statements of ArcelorMittal parent company for the year ended 31 December 2023.
These financial statements have been filed with the electronic database of the Luxembourg Stock Exchange (www.bourse.lu) and are available on http://corporate.arcelormittal.com in the Corporate Library.
ENDS
About ArcelorMittal
ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 15 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2023 generated revenues of $68.3 billion, produced 58.1 million metric tonnes of crude steel and 42.0 million tonnes of iron ore.
Our purpose is to produce smarter steels for people and planet. 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 the 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.
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).
http://corporate.arcelormittal.com/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
27 March 2024, 10:30 CET
As announced with ArcelorMittal’s (‘the Company’) fourth quarter 2023 financial results, the Company has amended its presentation of reportable segments and EBITDA.
The changes, applied from January 1, 2024, are as follows:
The following periods: FY 2021, FY 2022 and FY 2023 and all four quarters of 2023 - have been recast in the Company’s published analyst model which can be viewed here: https://corporate.arcelormittal.com/investors/results
In addition, the Company has included key reconciliations of net income/ (loss) to EBITDA and adjusted net income and adjusted EPS as well as provided historic key performance indicators for its three key JVs: AMNS India, AMNS Calvert and VAMA.
Forward-Looking Statements
This document may contain 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.
Non-GAAP/Alternative Performance Measures
This document includes supplemental financial measures that are or may be non-GAAP financial/alternative performance measures, as defined in the rules of the SEC or the guidelines of the European Securities and Market Authority (ESMA). They may exclude or include amounts that are included or excluded, as applicable, in the calculation of the most directly comparable financial measures calculated in accordance with IFRS. Accordingly, they should be considered in conjunction with ArcelorMittal's consolidated financial statements prepared in accordance with IFRS, including in its annual report on Form 20-F, its interim financial reports and earnings releases. Comparable IFRS measures and reconciliations of non-GAAP/alternative performance measures thereto are presented in such documents, as well as in the document “Reconciliation of Non-GAAP Financial Measures to IFRS Measures” available on the Company's website (under "Investors -- Results"). ArcelorMittal presents EBITDA and EBITDA/tonne and free cash flow (FCF) which are non-GAAP financial/alternative performance measures, as additional measures to enhance the understanding of its operating performance. ArcelorMittal believes such indicators are relevant to provide management and investors with additional information. The definition of EBITDA has been revised to split out the impairment charges and exceptional items of the Kazakhstan disposal because the Company believes this presentation provides more clarity with respect to the impacts of this disposal. ArcelorMittal also presents net debt as an additional measure to enhance the understanding of its financial position, changes to its capital structure and its credit assessment. ArcelorMittal also presents adjusted net income(loss) and adjusted basic earnings per share as it believes these are useful measures for the underlying business performance excluding impairment items and exceptional items. The definition of adjusted net income has been revised as for EBITDA to split out the impairment charges and exceptional items of the Kazakhstan disposal for clarity and also to clarify that impairment charges and exceptional items of associates, joint ventures and other investments are excluded from this alternative performance measure. In the model, the definition of EBITDA has also been revised to include income from share of associates, JVs and other investments (excluding impairments and exceptional items if any, of associates, JVs and other investments). 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.
ENDS
About ArcelorMittal
ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 15 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2023 generated revenues of $68.3 billion, produced 58.1 million metric tonnes of crude steel and 42.0 million tonnes of iron ore.
Our purpose is to produce smarter steels for people and planet. 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 the 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.
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).
http://corporate.arcelormittal.com/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
19 March 2024, 10:00 CET
ArcelorMittal, the world’s leading steel and mining company, today announces that Kleber Silva is nominated Executive Vice President of ArcelorMittal and appointed as Chief Executive Officer of ArcelorMittal Mining, effective 08 April 2024. Kleber will report to Aditya Mittal, Chief Executive Officer of ArcelorMittal and he will be a member of the Group Management Committee.
Stefan Buys, who has been the chief executive since October 2021, is leaving the company on 30 March 2024 to pursue other opportunities. Stefan safely advanced ArcelorMittal’s mining business in both Liberia and Canada, and facilitated the progression of key projects. ArcelorMittal would like to take this opportunity to thank Stefan for his significant contribution to ArcelorMittal.
Kleber is re-joining ArcelorMittal after leaving the group in 2017 to join Eramet as deputy chief executive officer and chief operating officer responsible for mining and metals. At Eramet, he was responsible for the global mining, plant and metallurgical activities for manganese, nickel, zircon, titanium, mineral sands, manganese alloys and lithium. Kleber has an extensive experience of 35 years in mining and metal industries, with great achievements in safety, value creation, growth, turnaround, and operational excellence. He began his career in 1988 at MBR and Vale. Since then, he has held various senior operation responsibilities within Vale Brazil and at Québec Cartier Mining Company in Canada (later ArcelorMittal Mines Canada). In 2006, Kleber became Vice President of ArcelorMittal, overseeing mining operations and later assumed the role of head of iron ore operations and CTO iron ore mines in August 2008. In May 2012, Kleber was appointed Executive Vice President of ArcelorMittal and head of iron ore.
Kleber holds a master’s degree from the École Nationale Supérieure des Mines de Paris, France. Kleber is also a mining engineer from “Escola de Minas da Universidade Federal de Ouro Preto, UFOP.
Commenting, Aditya Mittal, CEO ArcelorMittal, said:
“I must thank Stefan for his significant contribution to ArcelorMittal. He is an exceptional, safety-focused leader and we have benefitted considerably from the expertise and know-how he has brought to our group. I am also delighted Kleber is returning to ArcelorMittal – he is a capable and accomplished leader who knows the mining industry and ArcelorMittal very well. With his extensive global experience, he is well placed to lead us in the next phase of our development.”
Kleber Silva said:
“I am looking forward to the challenge of returning to ArcelorMittal as CEO of its mining business. It’s a great honour and privilege for me. I am excited to collaborate with the team to implement ArcelorMittal’s mining growth plans while also addressing key industry trends - particularly safety, ESG, decarbonization and digitalization - that is shaping our industry’s future. There is a lot to do, and I am eager to get started.”
ENDS
About ArcelorMittal
ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 15 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2023 generated revenues of $68.3 billion, produced 58.1 million metric tonnes of crude steel and, 42.0 million tonnes of iron ore.
Our purpose is to produce smarter steels for people and planet. 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 the 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. 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).
http://corporate.arcelormittal.com/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
With reference to Article 19(3) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulations), ArcelorMittal announces that a notification of share transaction by a Designated Person (i.e. Directors or Executive Officers) is available in the Luxembourg Stock Exchange’s electronic database OAM on www.bourse.lu and on ArcelorMittal’s web site www.arcelormittal.com under Investors > Share Transactions by Management: https://corporate.arcelormittal.com/investors/corporate-governance/share-transactions-by-management
12 March 2024, 22:00 CET
ArcelorMittal (the ‘Company’) today announces that it has signed a Share Purchase Agreement to acquire 65,243,206 shares, representing c.28.4% equity interest in Vallourec, for €14.64 per share from Funds managed by Apollo Global Management, Inc., for a total consideration of approximately €955 million. Transaction closing is subject to regulatory approvals and is expected to close in the second half of the year.
Having carried out a successful restructuring in recent years, Vallourec presents a compelling opportunity to increase ArcelorMittal’s exposure to the attractive, downstream, value-added tubular market. It is a global leader in premium tubular solutions for energy markets and demanding industrial applications, offering innovative, safe and competitive products for sectors including energy, automotive and construction. 85% of Vallourec’s 2.2 million tonnes of annual rolling capacity is focused around low-carbon, integrated productions hubs in US and Brazil, both of which are important strategic markets for ArcelorMittal.
In 2023 Vallourec reported EBITDA of €1.2 billion on sales of €5.1 billion. It expects EBITDA from the energy transition business to reach between 10 and 15% by 2030, given the growth potential from hydrogen, geothermal and carbon capture.
ArcelorMittal does not intend to launch a tender offer for Vallourec’s remaining shares over the next six months.
Commenting, Aditya Mittal, CEO, ArcelorMittal, said:
“Vallourec is a quality, high added-value tubular business, with established positions of strength in the attractive Brazilian and US markets. As a producer of premium tubular solutions, it has a critical role to play in the energy transition, producing vital products for hydrogen, CCS and geothermal applications, for which demand is expected to grow. It also has a comparatively low carbon footprint with ambitious improvement targets. We look forward to being part of the company’s future.”
Vallourec’s steel making facilities in Brazil and the US have low carbon emissions (North America steel production at 0.290 tCO2 per tonne of steel and Brazil steel production at 0.945 tCO2 per tonne of steel1), with an ambitious roadmap to reduce CO2 intensity (scope 1, 2 and 3 upstream) by 30% in 2030 and 35% in 2035 (vs 2021 baseline).
ENDS
About ArcelorMittal
ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 15 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia, including India, through its joint venture AM/NS India.
ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2023 generated revenues of $68.3 billion, produced 58.1 million metric tonnes of crude steel and 42.0 million tonnes of iron ore.
Our purpose is to produce smarter steels for people and planet. 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 the 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.
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.
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
E-mail: Zoe Watt, Teneo | press@arcelormittal.com Zoe.Watt@teneo.com 07713157561. |
1 Scopes 1 and 2 only
11 March 2024, 18:30 CET
With reference to Article 19(3) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulations), ArcelorMittal announces that a notification of share transaction by a Designated Person (i.e. Directors or Executive Officers) is available in the Luxembourg Stock Exchange’s electronic database OAM on www.bourse.lu and on ArcelorMittal’s web site www.arcelormittal.com under Investors > Share Transactions by Management:https://corporate.arcelormittal.com/investors/corporate-governance/share-transactions-by-management
ENDS
About ArcelorMittal
ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 15 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2023 generated revenues of $68.3 billion, produced 58.1 million metric tonnes of crude steel and, 42.0 million tonnes of iron ore.
Our purpose is to produce smarter steels for people and planet. 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 the 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.
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).
http://corporate.arcelormittal.com/
For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
28 February 2024, 21:40 CET
ArcelorMittal has published its annual report for the year ended 31 December 2023. The report has been filed with the electronic database of the Luxembourg Stock Exchange (www.bourse.lu) and is available at http://corporate.arcelormittal.com > Financial reports
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
28 February 2024, 20:55 CET
ArcelorMittal has filed its Annual Report 2023 on Form 20-F with the U.S. Securities and Exchange Commission (SEC). The report is now available at http://corporate.arcelormittal.com > Financial reports.
ArcelorMittal will send a hard copy of the Form 20-F Annual Report for 2023, which includes the audited financial statements, to shareholders free of charge upon request.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
20 February 2024, 17:30 CET
Earlier today the Italian Government announced that it has placed Acciaierie d’Italia SpA (‘ADI’) into extraordinary administration subsequent to the request of Invitalia, thereby passing control of the company from its current shareholders, ArcelorMittal and Invitalia, to government appointed commissioners.
This ends ArcelorMittal’s involvement in ADI, which started in 2018. Since that time, ArcelorMittal has been fully committed to the people and assets of ADI - then known as Ilva - investing over €2 billion. This very significant investment enabled ADI to complete an extensive €800 million environmental programme on time that ensured compliance with the Integrated Environmental Authorisation set out by the Italian government, as well as invest €1.2 billion in upgrading equipment at all sites. ADI also benefited from hundreds of millions of euros of credit through the provision of raw materials by ArcelorMittal.
ArcelorMittal had been keen to address the significant discrepancy in capital investment into ADI by the two shareholders. In recent discussions ArcelorMittal put forward pragmatic proposals to address this while continuing the public-private partnership with Invitalia that was established in April 2021. When we were not able to agree on acceptable terms, we also offered to sell our shareholding in ADI to Invitalia. The discussions, despite ArcelorMittal’s best efforts, were not successful.
Had ADI been able after April 2021 to access traditional debt financing and been able to raise the working capital required to fund its ongoing needs, rather than relying on equity injections from its shareholders as its sole source of capital, this situation could have been avoided. Unfortunately, the conditions precedent to allow ADI to convert its lease of the assets into a formal purchase – conditions that ADI has no control over, were originally set to be completed before May 2022, and subsequently extended to May 2024 - remain unmet today. ADI’s financial situation has been further impacted by the Italian Government delivering less than one-third of the €2 billion of support measures it offered to at the time the public-private partnership with Invitalia was established.
An already complicated turnaround was made even more challenging by the instability caused by the temporary removal of criminal immunity applicable during the implementation period of the environmental investment programme, the demand environment during the Covid crisis and the energy crisis in Europe last year.
For the people and communities of ADI, ArcelorMittal hopes that a future can be secured that will bring much needed stability.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, with a presence in 60 countries and primary steelmaking facilities in 15 countries. In 2022, ArcelorMittal had revenues of $79.8 billion and crude steel production of 59 million metric tonnes, while iron ore production reached 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: Italy - Ad Hoc Communications Marina Beccantini Giorgio Zambeletti | +44 20 3214 2419 press@arcelormittal.com +39 335 1415588 +39 335 5347916 |
20 February 2024, 17:30 CET
Earlier today the Italian Government announced that it has placed Acciaierie d’Italia SpA (‘ADI’) into extraordinary administration subsequent to the request of Invitalia, thereby passing control of the company from its current shareholders, ArcelorMittal and Invitalia, to government appointed commissioners.
This ends ArcelorMittal’s involvement in ADI, which started in 2018. Since that time, ArcelorMittal has been fully committed to the people and assets of ADI - then known as Ilva - investing over €2 billion. This very significant investment enabled ADI to complete an extensive €800 million environmental programme on time that ensured compliance with the Integrated Environmental Authorisation set out by the Italian government, as well as invest €1.2 billion in upgrading equipment at all sites. ADI also benefited from hundreds of millions of euros of credit through the provision of raw materials by ArcelorMittal.
ArcelorMittal had been keen to address the significant discrepancy in capital investment into ADI by the two shareholders. In recent discussions ArcelorMittal put forward pragmatic proposals to address this while continuing the public-private partnership with Invitalia that was established in April 2021. When we were not able to agree on acceptable terms, we also offered to sell our shareholding in ADI to Invitalia. The discussions, despite ArcelorMittal’s best efforts, were not successful.
Had ADI been able after April 2021 to access traditional debt financing and been able to raise the working capital required to fund its ongoing needs, rather than relying on equity injections from its shareholders as its sole source of capital, this situation could have been avoided. Unfortunately, the conditions precedent to allow ADI to convert its lease of the assets into a formal purchase – conditions that ADI has no control over, were originally set to be completed before May 2022, and subsequently extended to May 2024 - remain unmet today. ADI’s financial situation has been further impacted by the Italian Government delivering less than one-third of the €2 billion of support measures it offered to at the time the public-private partnership with Invitalia was established.
An already complicated turnaround was made even more challenging by the instability caused by the temporary removal of criminal immunity applicable during the implementation period of the environmental investment programme, the demand environment during the Covid crisis and the energy crisis in Europe last year.
For the people and communities of ADI, ArcelorMittal hopes that a future can be secured that will bring much needed stability.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, with a presence in 60 countries and primary steelmaking facilities in 15 countries. In 2022, ArcelorMittal had revenues of $79.8 billion and crude steel production of 59 million metric tonnes, while iron ore production reached 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: Italy - Ad Hoc Communications Marina Beccantini Giorgio Zambeletti | +44 20 3214 2419 press@arcelormittal.com +39 335 1415588 +39 335 5347916 |
Luxembourg, February 8, 2024 - ArcelorMittal (referred to as “ArcelorMittal” or the “Company” or the "Group") (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 twelve-month periods ended December 31, 2023.
2023 key highlights:
Health and safety focus: Protecting employee health and wellbeing remains an overarching priority of the Company; LTIF2 rate of 0.92x in FY 2023 and 0.70x in FY 2022. Performance in 2023 was severely impacted by the tragic Kostenko mine accident on October 28, 2023. The Company has commissioned dss+ to conduct a comprehensive independent Company-wide safety audit of its operations, to identify gaps and strengthen safety actions, processes and culture to help prevent serious accidents. Key recommendations to be published in September 2024
Healthy EBITDA and Free Cashflow: FY 2023 EBITDA of $7.6bn and EBITDA/tonne of $136/t, reflecting structural improvements to profitability. FY 2023 free cash flow (FCF) of $2.9bn7 ($7.6bn net cash provided by operating activities less $4.6bn capex (which includes $1.4bn strategic growth capex) and $0.2bn minority dividends) with 4Q 2023 FCF of $1.8bn ($3.3bn net cash provided by operating activities less $1.5bn capex)
Net income impacted by non-cash non-recurring items: Net income of $0.9bn includes a negative $2.4bn impact related to the disposal of the Kazakhstan operations6 and a $1.4bn impairment of Acciaierie d'Italia (ADI) in Italy16. Adjusting for these items, FY 2023 adjusted net income9 is $4.9bn. FY 2023 basic EPS of $1.09 (adjusted basic EPS9 of $5.78)
Financial strength: Net debt of $2.9bn at the end of 2023 (gross debt of $10.7bn, and cash and cash equivalents of $7.8bn) as compared to $2.2bn at the end of 2022. As of December 31, 2023, the Company had liquidity of $13.2 billion consisting of cash and cash equivalents of $7.8 billion and $5.4 billion of available credit lines13
Share repurchases driving enhanced value: Repurchased 45.4m shares in 202311, bringing the total reduction in fully diluted shares outstanding to 33% since the end of September 20208. Book value per share4 increased to $66 over the last 12 months ROE3 of 8.9%
Priorities:
Growth: following a period of optimization and strategic investment, the Company is on the cusp of a step change in profitability:
Financial highlights (on the basis of IFRS1):
(USDm) unless otherwise shown | 4Q 23 | 3Q 23 | 4Q 22 | 12M 23 | 12M 22 |
Sales | 14,552 | 16,616 | 16,891 | 68,275 | 79,844 |
Operating (loss)/income | (1,980) | 1,203 | (306) | 2,340 | 10,272 |
Net (loss)/income attributable to equity holders of the parent | (2,966) | 929 | 261 | 919 | 9,302 |
Adjusted net income attributable to equity holders of the parent9 | 982 | 929 | 1,189 | 4,867 | 10,611 |
Basic (loss)/earnings per common share (US$) | (3.57) | 1.11 | 0.30 | 1.09 | 10.21 |
Adjusted basic earnings per common share (US$)9 | 1.18 | 1.11 | 1.37 | 5.78 | 11.65 |
Operating (loss)/income/tonne (US$/t) | (149) | 88 | (24) | 42 | 184 |
EBITDA | 1,266 | 1,865 | 1,258 | 7,558 | 14,161 |
EBITDA /tonne (US$/t) | 95 | 136 | 100 | 136 | 253 |
Crude steel production (Mt) | 13.7 | 15.2 | 13.2 | 58.1 | 59.0 |
Steel shipments (Mt) | 13.3 | 13.7 | 12.6 | 55.6 | 55.9 |
Total Group iron ore production (Mt) | 10.0 | 10.7 | 10.7 | 42.0 | 45.3 |
Iron ore production (Mt) (AMMC and Liberia only) | 6.2 | 6.7 | 7.5 | 26.0 | 28.6 |
Iron ore shipment (Mt) (AMMC and Liberia only) | 6.1 | 6.3 | 6.9 | 26.4 | 28.0 |
Weighted average common shares outstanding (in millions) | 830 | 838 | 865 | 842 | 911 |
Commenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said:
“In October last year we committed to commissioning an independent 3rd party global audit of all our safety related practices and actions. This audit is now underway and I am determined its findings and recommendations, combined with the considerable efforts we are already implementing across the Group, will make us a safer and ultimately accident free company. Every employee in ArcelorMittal is aligned in this goal.
“Turning to our financial performance, our results for the full year reflect the benefits of the structural improvements we have made to our cost base, asset portfolio and balance sheet in recent years. Despite the operating environment becoming increasingly challenging as the year progressed, our profitability per tonne is healthy and well above long-term averages. This highlights the enhanced sustainability we have built into the business, enabling us to generate healthy cash flow to invest for future growth and return attractive levels of capital to our shareholders.
"Looking ahead, there are early signs of a more constructive industry backdrop. This, alongside the progress we are making with our portfolio of strategic growth projects - several of which will complete this year - means the Company will continue to take important steps forward in its drive to be a stronger, more profitable, and of course safer, Company."
Safety and sustainable development
Health and safety
Performance in 2023 was severely impacted by the tragic Kostenko mine accident on October 28, 2023.
In December 2023, ArcelorMittal launched an independent 3rd party global audit that will look at every aspect of the Company’s health and safety practices across the Group. ArcelorMittal's employees are united in their determination to become a zero fatality workplace and this audit will complement the considerable effort already being implemented across the organization to achieve this aim.
The Company-wide audit of safety practices by dss+ has now commenced and will support our pathway to zero serious injuries and fatalities. Recommendations are due to be published in September 2024 and the audit will cover:
Own personnel and contractors – Lost Time Injury Frequency rate
Lost time injury frequency rate | 4Q 23 | 3Q 23 | 4Q 22 | 12M 23 | 12M 22 |
NAFTA | 0.40 | 0.09 | 0.18 | 0.22 | 0.25 |
Brazil | 0.18 | 0.22 | 0.14 | 0.26 | 0.10 |
Europe | 1.45 | 1.25 | 1.14 | 1.30 | 1.11 |
ACIS | 3.22 | 1.49 | 1.07 | 1.43 | 0.74 |
Mining | — | 0.19 | 0.61 | 0.10 | 0.84 |
Total | 1.34 | 0.94 | 0.86 | 0.92 | 0.70 |
Sustainable development highlights:
Analysis of results for the twelve months ended December 31, 2023 versus results for the twelve months ended December 31, 2022
Sales for 12M 2023 decreased by -14.5% to $68.3 billion as compared with $79.8 billion for 12M 2022, primarily due to -13.5% lower average steel selling prices as shipments were relatively stable.
Impairment charges (other than related to the sale of operations in Kazakhstan) for 12M 2023 amounted to $0.1 billion, relating to the Long business of ArcelorMittal South Africa as compared to an impairment charge of $1.0 billion in 12M 2022 related to ArcelorMittal Kryvyi Rih (Ukraine).
Following the sale of the Company's steel and mining operations in Kazakhstan, the Company recorded a $0.9 billion non-cash impairment charge (including $0.2 billion goodwill), and recorded $1.5 billion cumulative translation losses (previously recorded against equity) through the profit and loss.
Operating income for 12M 2023 of $2.3 billion was lower as compared to $10.3 billion in 12M 2022 primarily driven by negative price-cost effect (predominantly on account of -13.5% lower average steel selling prices), impairment charges and impact on disposal of Kazakhstan operations as discussed above.
Income from associates, joint ventures and other investments (excluding impairment) for 12M 2023 was stable at $1.2 billion as compared to $1.3 billion for 12M 2022 supported by higher contributions from AMNS India and Chinese investees.
Impairment of associates, joint ventures and other investments amounted to $1.4 billion for 12M 2023, and related to the impairment of the Company’s investment in Acciaierie d'Italia (ADI) following downward revisions to the expected future cash flows.
ArcelorMittal’s net income for 12M 2023 was $919 million as compared to $9,302 million for 12M 2022. Adjusted net income9 for 12M 2023 was $4.9 billion as compared to $10.6 billion for 12M 2022.
ArcelorMittal’s basic earnings per common share for 12M 2023 was $1.09, as compared to $10.21 for 12M 2022. Adjusted basic earnings per common share (excluding impairment charges and impact on disposal of Kazakhstan operations)9 for 12M 2023 was $5.78 as compared to $11.65 for 12M 2022.
Analysis of results for 4Q 2023 versus 3Q 2023
Sales in 4Q 2023 were -12.4% lower at $14.6 billion as compared to $16.6 billion in 3Q 2023 impacted by lower average steel selling prices (-5.1%) and lower steel shipment volumes (-3.0%).
Impairment charges (other than related to the sale of operations in Kazakhstan) for 4Q 2023 amounted to $0.1 billion related to the Long business of ArcelorMittal South Africa.
Following the sale of the Company's steel and mining operations in Kazakhstan the Company recorded a $0.9 billion non-cash impairment charge (including $0.2 billion goodwill) and recorded $1.5 billion cumulative translation losses (previously recorded against equity) through the profit and loss.
Operating loss for 4Q 2023 was $2.0 billion as compared to an operating income of $1.2 billion in 3Q 2023. The operating loss in 4Q 2023 was impacted by the impairment and impact on disposal of Kazakhstan operations (as discussed above), and also reflected a decline in steel spreads (primarily due to a decline in steel prices) and lower steel shipments.
Income from associates, joint ventures and other investments (excluding impairments) for 4Q 2023 was lower at $188 million as compared to $285 million in 3Q 2023, primarily due to lower contributions from European investees.
Impairments of associates, joint ventures and other investments were $1.4 billion for 4Q 2023, and related to the impairment of the Company’s investment in Acciaierie d'Italia (ADI) following downward revisions to the expected future cash flows.
ArcelorMittal recorded net loss in 4Q 2023 of $2,966 million as compared to a net income of $929 million in 3Q 2023. Adjusted net income9 in 4Q 2023 was $982 million as compared to $929 million in 3Q 2023.
ArcelorMittal's basic loss per common share for 4Q 2023 was $3.57 as compared to an earnings per common share of $1.11 in 3Q 2023. Adjusted basic earnings per common share9 for 4Q 2023 was higher at $1.18 as compared to $1.11 in 3Q 2023.
Analysis of segment operations
NAFTA
(USDm) unless otherwise shown | 4Q 23 | 3Q 23 | 4Q 22 | 12M 23 | 12M 22 |
Sales | 2,942 | 3,188 | 2,923 | 12,978 | 13,774 |
Operating income | 280 | 520 | 331 | 1,917 | 2,818 |
Depreciation | (157) | (125) | (127) | (535) | (427) |
Exceptional items | — | — | 98 | — | 190 |
EBITDA | 437 | 645 | 360 | 2,452 | 3,055 |
Crude steel production (kt) | 2,185 | 2,122 | 2,025 | 8,727 | 8,271 |
Steel shipments* (kt) | 2,590 | 2,527 | 2,338 | 10,564 | 9,586 |
Average steel selling price (US$/t) | 948 | 1,043 | 1,021 | 1,024 | 1,215 |
* 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. 4Q'23 432kt, 3Q'23 393kt, 4Q'22 272kt, 12M'23 1,660kt and 12M'22 1,173kt
Sales in 4Q 2023 decreased by -7.7% to $2.9 billion, as compared to $3.2 billion in 3Q 2023 primarily on account of lower average steel selling prices (-9.1%) offset in part by higher steel shipments (+2.5%).
Operating income in 4Q 2023 decreased by -46.3% to $280 million as compared to $520 million in 3Q 2023, due to a negative price-cost effect, primarily due to lower average steel selling prices.
EBITDA in 4Q 2023 of $437 million was -32.2% lower as compared to $645 million in 3Q 2023, primarily due to a negative price-cost effect, resulting primarily from lower average steel selling prices.
Brazil10
(USDm) unless otherwise shown | 4Q 23 | 3Q 23 | 4Q 22 | 12M 23 | 12M 22 |
Sales | 2,709 | 3,560 | 2,894 | 13,163 | 13,732 |
Operating income | 171 | 414 | 302 | 1,461 | 2,775 |
Depreciation | (77) | (87) | (60) | (341) | (246) |
EBITDA | 248 | 501 | 362 | 1,802 | 3,021 |
Crude steel production (kt) | 3,533 | 3,669 | 2,783 | 13,986 | 11,877 |
Steel shipments (kt) | 3,562 | 3,599 | 2,639 | 13,681 | 11,516 |
Average steel selling price (US$/t) | 852 | 932 | 1,036 | 939 | 1,114 |
Since its consolidation on March 9, 2023, ArcelorMittal Pecém has performed strongly, achieving full nameplate production and capturing synergies of ~$0.1 billion, double the pre-acquisition forecast.
Sales in 4Q 2023 decreased by -23.9% to $2.7 billion as compared to $3.6 billion in 3Q 2023, primarily due to a -8.6% decrease in average steel selling prices and translation impacts from the devaluation of the Argentinian peso.
Operating income in 4Q 2023 of $171 million was -58.6% lower as compared to $414 million in 3Q 2023 primarily due to a negative price-cost effect and the devaluation of the Argentinian peso as discussed above.
EBITDA in 4Q 2023 decreased by -50.4% to $248 million as compared to $501 million in 3Q 2023 due to negative price-cost effect and the negative impact of Argentinian peso devaluation (approximately $80 million).
Europe
(USDm) unless otherwise shown | 4Q 23 | 3Q 23 | 4Q 22 | 12M 23 | 12M 22 |
Sales | 7,990 | 8,894 | 10,077 | 38,305 | 47,263 |
Operating income/ (loss) | 11 | 160 | (10) | 1,104 | 4,292 |
Depreciation | (325) | (313) | (316) | (1,241) | (1,268) |
Exceptional items | — | — | — | — | (473) |
EBITDA | 336 | 473 | 306 | 2,345 | 6,033 |
Crude steel production (kt) | 6,630 | 7,475 | 6,956 | 28,827 | 31,904 |
Steel shipments (kt) | 6,507 | 6,538 | 6,802 | 28,071 | 30,182 |
Average steel selling price (US$/t) | 975 | 1,020 | 1,085 | 1,039 | 1,191 |
Europe segment crude steel production decreased by -11.3% to 6.6Mt in 4Q 2023 as compared to 7.5Mt in 3Q 2023 impacted by a reline of BF#A at Gent (Belgium) and planned maintenance of BF#2 at Bremen (Germany) both of which restarted in early December 2023 and coupled with production cuts at BF1 in Fos (France). Steel shipments were stable in 4Q 2023 as compared to 3Q 2023 primarily due to continued weak apparent demand driven by destocking and construction-related demand.
Sales in 4Q 2023 declined by -10.2% to $8.0 billion, as compared to $8.9 billion in 3Q 2023, primarily due to -4.4% decrease in average steel selling prices.
Operating income in 4Q 2023 of $11 million as compared to operating income of $160 million in 3Q 2023 mainly due to a negative price-cost effect.
EBITDA in 4Q 2023 of $336 million decreased by -28.9% as compared to $473 million in 3Q 2023, mainly due to a negative price-cost effect.
ACIS
(USDm) unless otherwise shown | 4Q 23 | 3Q 23 | 4Q 22 | 12M 23 | 12M 22 |
Sales | 1,199 | 1,389 | 1,229 | 5,422 | 6,368 |
Operating loss | (2,689) | (92) | (1,198) | (3,021) | (930) |
Depreciation | (62) | (71) | (65) | (278) | (369) |
Impairment items | (112) | — | (1,026) | (112) | (1,026) |
Impact on disposal of Kazakhstan operations | (2,431) | — | — | (2,431) | — |
EBITDA | (84) | (21) | (107) | (200) | 465 |
Crude steel production (kt) | 1,351 | 1,925 | 1,394 | 6,527 | 6,949 |
Steel shipments (kt) | 1,323 | 1,698 | 1,414 | 6,018 | 6,378 |
Average steel selling price (US$/t) | 677 | 681 | 720 | 706 | 817 |
On December 7, 2023, the Company completed the sale of its Kazakhstan operations.
On a scope adjusted basis, i.e. excluding Kazakhstan, crude steel production in 4Q 2023 was 0.9Mt, a decrease of -23.1% as compared 3Q 2023 due to maintenance work at ArcelorMittal South Africa. On a scope adjusted basis steel shipments in 4Q 2023 were 0.9Mt, a decrease of -8.1% as compared to 3Q 2023.
Sales in 4Q 2023 declined by -13.7% to $1.2 billion as compared to $1.4 billion in 3Q 2023, primarily due to lower steel shipments, resulting primarily from the disposal of the Kazakhstan operations on December 7, 2023 as mentioned above.
Impairment charges for 4Q 2023 (other than related to the sale of Kazakhstan operations) amounted to $0.1 billion, relating to the Long business of ArcelorMittal South Africa and the impact on disposal of Kazakhstan operations was a loss of $2.4 billion6. The Company is to receive $1.0 billion aggregate proceeds from the sale; consideration of $536 million has been received and a further $450 million is to be received in four equal installments starting 2Q 2024 (with sovereign fund guarantees).
Operating loss in 4Q 2023 of $2,689 million (impacted by impairment and the impact on disposal of Kazakhstan operations) compared to $92 million in 3Q 2023.
EBITDA loss was $84 million in 4Q 2023 as compared to $21 million in 3Q 2023 primarily due to lower steel shipments and average steel selling prices.
Mining
(USDm) unless otherwise shown | 4Q 23 | 3Q 23 | 4Q 22 | 12M 23 | 12M 22 |
Sales | 764 | 729 | 716 | 3,077 | 3,396 |
Operating income | 270 | 275 | 255 | 1,144 | 1,483 |
Depreciation | (69) | (57) | (57) | (238) | (234) |
EBITDA | 339 | 332 | 312 | 1,382 | 1,717 |
Iron ore production (Mt) | 6.2 | 6.7 | 7.5 | 26.0 | 28.6 |
Iron ore shipment (Mt) | 6.1 | 6.3 | 6.9 | 26.4 | 28.0 |
Note: Mining segment comprises iron ore operations of ArcelorMittal Mines Canada (AMMC) and ArcelorMittal Liberia.
Operating income in 4Q 2023 was -1.7% lower at $270 million as compared to $275 million in 3Q 2023.
EBITDA in 4Q 2023 of $339 million was +2.1% higher as compared to $332 million in 3Q 2023, due to higher iron ore reference prices (+12.8%) offset in part by lower iron ore shipments (-4.1% due in part to the impact of a rail bridge failure in Liberia in early November 2023 as well as lower production at AMMC due to maintenance), higher freight costs and lower quality premia.
Joint ventures
ArcelorMittal 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 | 4Q 23 | 3Q 23 | 4Q 22 | 12M 23 | 12M 22 |
Production (100% basis) (kt)17 | 1,052 | 1,178 | 1,014 | 4,654 | 4,320 |
Steel shipments (100% basis) (kt)17 | 1,079 | 1,063 | 905 | 4,469 | 4,229 |
EBITDA (100% basis)17 | 90 | 105 | (1) | 374 | 589 |
Calvert EBITDA during 4Q 2023 of $90 million represented a -14.6% decline as compared to $105 million in 3Q 2023 primarily due to a weaker mix with a lower percentage of higher margin automotive shipments and higher maintenance costs.
AMNS India
(USDm) unless otherwise shown | 4Q 23 | 3Q 23 | 4Q 22 | 12M 23 | 12M 22 |
Crude steel production (100% basis) (kt) | 1,964 | 1,942 | 1,624 | 7,463 | 6,685 |
Steel shipments (100% basis) (kt) | 1,868 | 1,874 | 1,593 | 7,251 | 6,470 |
EBITDA (100% basis) | 499 | 533 | 162 | 1,936 | 1,201 |
AMNS India achieved record crude steel production in December 2023 reaching 8.1Mt run-rate (close to 8.6Mt capacity debottlenecking target).
The CGL4 line was commissioned in 4Q 2023 which allowed for the launch of the Magnelis product (renewables and solar products) into the market.
EBITDA during 4Q 2023 of $499 million was -6.4% lower as compared to $533 million in 3Q 2023, including a lower impact from natural gas hedges.
Outlook
As anticipated, apparent demand conditions are now showing signs of improvement as the destocking phase reaches maturity. Despite continued headwinds to real demand, World ex-China apparent steel consumption ("ASC") in 2024 is expected to grow by +3.0% to +4.0% as compared to 2023.
ArcelorMittal expects the following demand dynamics by key region:
The Company remains positive on the medium/long-term steel demand outlook and, supported by its strong position remains focused on executing its strategy of growth with capital returns.
Capex in 2024 is expected to remain within the $4.5-$5.0 billion range (of which $1.4-$1.5 billion is expected as strategic growth capex).
New segmentation and incorporating the result from investments in associates, joint ventures and other investments into EBITDA from January 1, 2024
Going forward we will report EBITDA including our share of JV and associates net income in order to more fully reflect our growth exposures. EBITDA will be defined as operating income (loss) plus depreciation, impairment charges, exceptional items and income from associates, JV and other investments (excluding impairment charges and exceptional items, if any, of such associates, joint ventures and other investments). The following changes will be made to the Company's segment reporting:
These changes will be applied as from January 1, 2024, and will be presented with the earnings release for the first quarter of 2024. The Company will in due course publish historical comparative information for modelling purposes.
ArcelorMittal Condensed Consolidated Statements of Financial Position1
In millions of U.S. dollars | Dec 31, 2023 | Sept 30, 2023 | Dec 31, 2022 |
ASSETS | |||
Cash and cash equivalents | 7,783 | 6,289 | 9,414 |
Trade accounts receivable and other | 3,661 | 4,479 | 3,839 |
Inventories | 18,759 | 18,852 | 20,087 |
Prepaid expenses and other current assets | 3,037 | 3,505 | 3,778 |
Total Current Assets | 33,240 | 33,125 | 37,118 |
Goodwill and intangible assets | 5,102 | 4,885 | 4,903 |
Property, plant and equipment | 33,656 | 33,494 | 30,167 |
Investments in associates and joint ventures | 10,078 | 11,171 | 10,765 |
Deferred tax assets | 9,469 | 8,884 | 8,554 |
Other assets | 2,372 | 2,180 | 3,040 |
Total Assets | 93,917 | 93,739 | 94,547 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
Short-term debt and current portion of long-term debt | 2,312 | 2,310 | 2,583 |
Trade accounts payable and other | 13,605 | 12,315 | 13,532 |
Accrued expenses and other current liabilities | 5,852 | 5,826 | 6,283 |
Total Current Liabilities | 21,769 | 20,451 | 22,398 |
Long-term debt, net of current portion | 8,369 | 8,233 | 9,067 |
Deferred tax liabilities | 2,432 | 2,573 | 2,666 |
Other long-term liabilities | 5,279 | 4,943 | 4,826 |
Total Liabilities | 37,849 | 36,200 | 38,957 |
Equity attributable to the equity holders of the parent | 53,961 | 55,406 | 53,152 |
Non-controlling interests | 2,107 | 2,133 | 2,438 |
Total Equity | 56,068 | 57,539 | 55,590 |
Total Liabilities and Shareholders’ Equity | 93,917 | 93,739 | 94,547 |
ArcelorMittal Condensed Consolidated Statements of Operations1
Three months ended | Twelve months ended | ||||
In millions of U.S. dollars unless otherwise shown | Dec 31, 2023 | Sept 30, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 |
Sales | 14,552 | 16,616 | 16,891 | 68,275 | 79,844 |
Depreciation (B) | (703) | (662) | (636) | (2,675) | (2,580) |
Impairment items9. 19 (B) | (112) | — | (1,026) | (112) | (1,026) |
Exceptional items9, 19 (B) | — | — | 98 | — | (283) |
Impact on disposal of Kazakhstan operations (B) | (2,431) | — | — | (2,431) | — |
Operating (loss)income (A) | (1,980) | 1,203 | (306) | 2,340 | 10,272 |
Operating margin % | (13.6) % | 7.2 % | (1.8) % | 3.4 % | 12.9 % |
Income from associates, joint ventures and other investments (excluding impairments) | 188 | 285 | 121 | 1,184 | 1,317 |
Impairments of associates, joint ventures and other investments | (1,405) | — | — | (1,405) | — |
Net interest expense | (3) | (31) | (72) | (145) | (213) |
Foreign exchange and other net financing (loss)/gain | (240) | (224) | 449 | (714) | (121) |
(Loss)income before taxes and non-controlling interests | (3,440) | 1,233 | 192 | 1,260 | 11,255 |
Current tax expense | (128) | (282) | (91) | (1,008) | (2,080) |
Deferred tax benefit | 582 | 10 | 126 | 770 | 363 |
Income tax benefit/(expense) (net) | 454 | (272) | 35 | (238) | (1,717) |
(Loss)income including non-controlling interests | (2,986) | 961 | 227 | 1,022 | 9,538 |
Non-controlling interests loss(income) | 20 | (32) | 34 | (103) | (236) |
Net (loss)/income attributable to equity holders of the parent | (2,966) | 929 | 261 | 919 | 9,302 |
Basic (loss)earnings per common share ($) | (3.57) | 1.11 | 0.30 | 1.09 | 10.21 |
Diluted (loss)earnings per common share ($) | (3.57) | 1.10 | 0.30 | 1.09 | 10.18 |
Weighted average common shares outstanding (in millions) | 830 | 838 | 865 | 842 | 911 |
Diluted weighted average common shares outstanding (in millions) | 830 | 841 | 868 | 845 | 914 |
OTHER INFORMATION | |||||
EBITDA (C = A-B) | 1,266 | 1,865 | 1,258 | 7,558 | 14,161 |
EBITDA Margin % | 8.7 % | 11.2 % | 7.4 % | 11.1 % | 17.7 % |
Total Group iron ore production (Mt) | 10.0 | 10.7 | 10.7 | 42.0 | 45.3 |
Crude steel production (Mt) | 13.7 | 15.2 | 13.2 | 58.1 | 59.0 |
Steel shipments (Mt) | 13.3 | 13.7 | 12.6 | 55.6 | 55.9 |
ArcelorMittal Condensed Consolidated Statements of Cash flows1
Three months ended | Twelve months ended | ||||
In millions of U.S. dollars | Dec 31, 2023 | Sept 30, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 |
Operating activities: | |||||
(Loss)/income attributable to equity holders of the parent | (2,966) | 929 | 261 | 919 | 9,302 |
Adjustments to reconcile net income to net cash provided by operations: | |||||
Non-controlling interests (loss)income | (20) | 32 | (34) | 103 | 236 |
Depreciation and impairment19 | 815 | 662 | 1,662 | 2,787 | 3,606 |
Exceptional items19 | — | — | (98) | — | 283 |
Impact on disposal of Kazakhstan operations | 2,431 | — | — | 2,431 | — |
Income from associates, joint ventures and other investments | (188) | (285) | (121) | (1,184) | (1,317) |
Impairment of associates, joint ventures and other investments | 1,405 | — | — | 1,405 | — |
Deferred tax benefit | (582) | (10) | (126) | (770) | (363) |
Change in working capital18 | 2,470 | (269) | 2,412 | 1,604 | (1,223) |
Other operating activities (net) | (37) | 222 | (322) | 350 | (321) |
Net cash provided by operating activities (A) | 3,328 | 1,281 | 3,634 | 7,645 | 10,203 |
Investing activities: | |||||
Purchase of property, plant and equipment and intangibles (B) | (1,450) | (1,165) | (1,500) | (4,613) | (3,468) |
Other investing activities (net) | 464 | 187 | (33) | (1,235) | (1,015) |
Net cash used in investing activities | (986) | (978) | (1,533) | (5,848) | (4,483) |
Financing activities: | |||||
Net (payments)proceeds relating to payable to banks and long-term debt | (195) | 262 | 1,923 | (1,334) | 3,283 |
Dividends paid to ArcelorMittal shareholders | (184) | — | — | (369) | (332) |
Dividends paid to minorities (C) | (31) | (66) | (29) | (162) | (331) |
Share buyback | (466) | (38) | (288) | (1,208) | (2,937) |
Lease payments and other financing activities (net) | (53) | (56) | (28) | (593) | (160) |
Net cash (used in) provided by financing activities | (929) | 102 | 1,578 | (3,666) | (477) |
Net increase(decrease) in cash and cash equivalents | 1,413 | 405 | 3,679 | (1,869) | 5,243 |
Effect of exchange rate changes on cash | 128 | (85) | 656 | 255 | (158) |
Change in cash and cash equivalents | 1,541 | 320 | 4,335 | (1,614) | 5,085 |
Free cash flow (D=A+B+C) | 1,847 | 50 | 2,105 | 2,870 | 6,404 |
Appendix 1: Product shipments by region1
(000'kt) | 4Q 23 | 3Q 23 | 4Q 22 | 12M 23 | 12M 22 |
Flat | 2,028 | 1,938 | 1,767 | 8,220 | 7,121 |
Long | 709 | 667 | 658 | 2,734 | 2,739 |
NAFTA | 2,590 | 2,527 | 2,338 | 10,564 | 9,586 |
Flat | 2,402 | 2,328 | 1,514 | 8,833 | 6,423 |
Long | 1,171 | 1,283 | 1,145 | 4,905 | 5,179 |
Brazil | 3,562 | 3,599 | 2,639 | 13,681 | 11,516 |
Flat | 4,570 | 4,483 | 4,751 | 19,570 | 21,387 |
Long | 1,840 | 1,945 | 1,933 | 8,001 | 8,321 |
Europe | 6,507 | 6,538 | 6,802 | 28,071 | 30,182 |
CIS | 757 | 1,052 | 916 | 3,615 | 4,221 |
Africa | 570 | 649 | 498 | 2,412 | 2,160 |
ACIS | 1,323 | 1,698 | 1,414 | 6,018 | 6,378 |
Note: “Others and eliminations” are not presented in the table
Appendix 2a: Capital expenditures1
(USDm) | 4Q 23 | 3Q 23 | 4Q 22 | 12M 23 | 12M 22 |
NAFTA | 117 | 72 | 201 | 426 | 500 |
Brazil | 292 | 243 | 341 | 917 | 708 |
Europe | 502 | 409 | 564 | 1,612 | 1,204 |
ACIS | 80 | 103 | 151 | 406 | 483 |
Mining | 205 | 207 | 198 | 784 | 488 |
Others | 254 | 131 | 45 | 468 | 85 |
Total | 1,450 | 1,165 | 1,500 | 4,613 | 3,468 |
Appendix 2b: Capital expenditure projects
Segment | Site / unit | Capacity / details | Impact on EBITDA * | Key date / forecast completion |
Brazil | ArcelorMittal Vega Do Sul | Increase hot dipped / cold rolled coil capacity and construction of a new 700kt continuous annealing line (CAL) and continuous galvanizing line (CGL) combiline | $0.1bn | 1H 2024 |
Brazil | Serra Azul mine | Facilities to produce 4.5Mt/year DRI quality pellet feed by exploiting compact itabirite iron ore | $100m | 2H 2024 |
Brazil | Barra Mansa | Increase capacity of HAV bars and sections by 0.4Mt/pa | $70m | 2H 2024 |
Brazil | Monlevade | Increase in liquid steel capacity by 1.0Mt/year; Sinter feed capacity of 2.25Mt/year | $200m | 2H 2026 |
Europe | Mardyck (France) | New Electrical Steels. 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 | $100m | 2H 2024 (ACL) |
Europe | Gijon (Spain) | Construction of a new 1.1Mt EAF to enable the production of low carbon-emissions steel for the long products sector, specifically rails and wire rod | $50m | 1H 2026 |
NAFTA | Las Truchas mine (Mexico) | Revamping project with 1Mtpa pellet feed capacity increase (to 2.3Mt/year) with DRI concentrate grade capability | $50m | 2H 2025 |
AMNS Calvert (US) | Calvert** | New 1.5Mt EAF and caster | $85m (our share of net income) | 2H 2024 |
AMNS India | Hazira** | Debottlenecking existing assets; AMNS India medium-term plans are to expand and grow initially to ~15Mt by early 2026 in Hazira (Phase 1A); ongoing downstream projects; Phase 1B to 20Mt planned; plans for expansion to 24Mt (including 1.5Mt long capacity) under preparation; additional greenfield opportunities under development | $0.4bn (our share of net income for Phase 1A and ongoing downstream projects) | 1H 2026 |
Others (India) | Andhra Pradesh (India) | Renewable energy project: 975MW of nominal capacity solar and wind power | $70m | 1H 2024 |
Mining | Liberia mine | Phase 2 premium produce expansion: Increase production capacity to 15Mt/year | $350m | 4Q 2024 (first concentrate) |
* Estimate of additional EBITDA based on full capacity and assuming prices/spreads generally in line with the averages of the 2015-2020 period; ** AMNS India and AMNS Calvert are share of net income
Capital expenditure
FY 2023 capex is $4.6 billion included investments in strategic growth of $1.4 billion. The Company expects strategic projects capex in 2024 of between $1.4-$1.5 billion. Decarbonization capex is expected to increase to between $0.3-$0.4 billion (vs. $0.2 billion in 2023) and capex outside of strategic growth projects and decarbonization is expected to be in the range of $2.8-$3.1 billion.
Appendix 3: Debt repayment schedule as of December 31, 2023
(USD billion) | 2024 | 2025 | 2026 | 2027 | 2028 | >2028 | Total |
Bonds | 0.9 | 1.0 | 1.1 | 1.2 | — | 2.6 | 6.8 |
Commercial paper | 0.7 | — | — | — | — | — | 0.7 |
Other loans | 0.7 | 0.7 | 0.2 | 0.5 | 0.2 | 0.9 | 3.2 |
Total gross debt | 2.3 | 1.7 | 1.3 | 1.7 | 0.2 | 3.5 | 10.7 |
As of December 31, 2023, the average debt maturity is 5.7 years.
Appendix 4: Reconciliation of gross debt to net debt
(USD million) | Dec 31, 2023 | Sept 30, 2023 | Dec 31, 2022 |
Gross debt | 10,681 | 10,543 | 11,650 |
Less: Cash and cash equivalents | (7,783) | (6,289) | (9,414) |
Net debt | 2,898 | 4,254 | 2,236 |
Net debt / LTM EBITDA | 0.4 | 0.6 | 0.2 |
Appendix 5: Adjusted net income and adjusted basic EPS
(USDm) | 4Q 23 | 3Q 23 | 4Q 22 | 12M 23 | 12M 22 |
Net (loss)income attributable to equity holders of the parent | (2,966) | 929 | 261 | 919 | 9,302 |
Impairment items5 | (112) | — | (1,026) | (112) | (1,026) |
Exceptional items6 | — | — | 98 | — | (283) |
Impact on disposal of Kazakhstan operations6 | (2,431) | — | — | (2,431) | — |
Impairment of associates, joint ventures and other investments16 | (1,405) | — | — | (1,405) | — |
Adjusted net income | 982 | 929 | 1,189 | 4,867 | 10,611 |
Weighted average common shares outstanding (in millions) | 830 | 838 | 865 | 842 | 911 |
Adjusted basic EPS $/share | 1.18 | 1.11 | 1.37 | 5.78 | 11.65 |
Appendix 6: 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:
Adjusted basic EPS: refers to adjusted net income divided by the weighted average common shares outstanding.
Adjusted net income(loss): refers to reported net income/(loss) excluding impairment charges and exceptional items (including with respect to the income from associates, JV and other investments), and impact on disposal of Kazakhstan operations.
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 and impact on disposal of Kazakhstan operations. As from January 1, 2024, EBITDA will also include income from associates, JV and other investments (excluding impairments).
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.
Free cash flow (FCF): refers to net cash provided by operating activities less capex less dividends paid to minority shareholders.
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.
Gross debt: long-term debt and short-term debt.
Impairment items: refers to impairment charges net of reversals.
Income from associates, joint ventures and other investments: refers to income from associates, joint ventures and other investments (excluding impairments of associates, joint ventures and other investments)
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: refers to 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 income
On-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).
Operating segments: NAFTA segment includes the Flat, Long and Tubular operations of Canada, Mexico; and also includes all Mexico mines. The Brazil segment includes the Flat, Long and Tubular operations of Brazil and its neighboring countries including Argentina, Costa Rica, Venezuela; and also includes Andrade and Serra Azul captive iron ore mines. The Europe segment includes the Flat, Long and Tubular operations of the European business, as well as Downstream Solutions, and also includes Bosnia and Herzegovina captive iron ore mines. The ACIS segment includes the Flat, Long and Tubular operations of Kazakhstan (till December 7, 2023), Ukraine and South Africa; and also includes the captive iron ore mines in Ukraine and iron ore and coal mines in Kazakhstan. Mining segment includes iron ore operations of ArcelorMittal Mines Canada and ArcelorMittal Liberia.
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 shares underlying Mandatorily Convertible Subordinated Notes ("MCNs") which were converted into shares in May 2023.
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
Fourth quarter 2023 earnings analyst conference call
Mr. Lakshmi Mittal and Aditya Mittal will host a conference call for members of the investment community to present and comment on the three-month period and twelve month periods ended December 31, 2023 on: Thursday February 8, 2024, at 9.30am US Eastern time; 14.30pm London time and 15.30pm CET.
Webcast link: https://interface.eviscomedia.com/player/1154/
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=2729640&linkSecurityString=59ba86ec0
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 15 countries. In 2023, ArcelorMittal had revenues of $68.3 billion and crude steel production of 58.1 million metric tonnes, while iron ore production reached 42.0 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: https://corporate.arcelormittal.com/
Enquiries
ArcelorMittal 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
5 February 2024, 22:15 CET
ArcelorMittal (‘the Company’) today announces the publication of its fourth quarter and full year 2023 sell-side analysts’ consensus figures.
The consensus figures are based on analysts’ estimates recorded on an external web-based tool provided and managed by an independent company, Visible Alpha.
To arrive at the consensus figures below, Visible Alpha has aggregated the expectations of sell-side analysts who, to the best of our knowledge, cover ArcelorMittal on a continuous basis. This is currently a group of approximately 11 brokers.
The listed analysts follow ArcelorMittal on their own initiative and ArcelorMittal is not responsible for their views. ArcelorMittal is neither involved in the collection of the information nor in the compilation of the estimates.
This consensus includes the previously announced effects of the sale of the Company’s Kazakhstan operations to the Qazaqstan Investment Corporation (‘QIC’) that took place on 7 December 2023.
4Q’23 and FY’23 consensus estimates
4Q’23 FY’23
In addition, considering the downward revisions to the expected future cash flows of Acciaierie d'Italia (ADI), together with the uncertainty regarding its future, the Company expects to fully impair its investment in ADI (currently approximately $1.4 billion) in the 4Q results. The resulting charge would be recorded below operating income but is not reflected in the consensus net income and earnings per share figures above.
The sell side analysts who cover ArcelorMittal and whose estimates are included in the 4Q’23 group consensus outlined above are the following:
Number of sell-side analyst participation for EBITDA consensus: All 11 brokers.
* Number of sell-side analyst participation for net (loss) / income and (loss) / earnings per share is 10 (excluding broker that has not updated their model to reflect the impact of Kazakhstan sale discussed above).
Disclaimer
Estimates based on Visible Alpha consensus dated 2.2.24. The disclaimer is:
The information provided by Visible Alpha cited herein is provided “as is” and “as available” without warranty of any kind. Use of any Visible Alpha data is at a user’s own risk and Visible Alpha disclaims any liability for use of the Visible Alpha data. Although the information is obtained or compiled from reliable sources Visible Alpha neither can nor does guarantee or make any representation or warranty, either express or implied, as to the accuracy, validity, sequence, timeliness, completeness or continued availability of any information or data, including third-party content, made available herein. In no event shall Visible Alpha be liable for any decision made or action or inaction taken in reliance on any information or data, including third-party content. Visible Alpha further explicitly disclaims, to the fullest extent permitted by applicable law, any warranty of any kind, whether express or implied, including warranties of merchantability, fitness for a particular purpose and non-infringement.
The consensus estimate is based on estimates, forecasts and predictions made by third party financial analysts, as described above. It is not prepared based on information provided or checked by ArcelorMittal and can only be seen as a consensus view on ArcelorMittal's results from an outside perspective. ArcelorMittal has not provided input on these forecasts, except by referring to past publicly disclosed information. ArcelorMittal does not accept any responsibility for the quality or accuracy of any individual forecast or estimate. This web page may contain forward-looking statements based on current assumptions and forecasts made by ArcelorMittal or third parties. Various known and unknown risks, uncertainties and other factors could lead to material differences between ArcelorMittal's actual future results, financial situation, development or performance, and the estimates given here. These factors include those discussed in ArcelorMittal's periodic reports available on http://corporate.arcelormittal.com/.
Additional share buyback disclosure
The Company has also provided additional share buyback information on the Company’s website summarizing the latest share buyback transactions and provides a model for the latest weighted average per share data. This information is updated each quarter shortly after quarter close.
Link as follows: ArcelorMittal Shares Status As Of Dec 31 2023
About ArcelorMittal
ArcelorMittal is the world's leading steel company, with a presence in 60 countries and primary steelmaking facilities in 15 countries. In 2022, ArcelorMittal had revenues of $79.8 billion and crude steel production of 59 million metric tonnes, while iron ore production reached 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
16 January 2024
Vestas, the energy industry’s global partner on sustainable energy solutions, has established a partnership with ArcelorMittal to launch a low carbon-emissions steel offering that significantly reduces the lifetime carbon dioxide emissions from the production of wind turbine towers.
The low carbon-emissions steel is produced using 100% steel scrap which is melted in an electric arc furnace powered by 100% wind energy at the ArcelorMittal steel mill, Industeel Charleroi, in Belgium. The steel slabs are then transformed into heavy plates used for the manufacture of wind turbine towers, at ArcelorMittal’s heavy plate mill in Gijón, Spain. These heavy plates, made with XCarb® recycled and renewably produced heavy plate steel, are initially suitable for the entire onshore wind turbine towers and the top section of offshore wind turbine towers. The low carbon-emissions heavy plate steel has an Environmental Product Declaration (EPD), certified by an independent party, detailing the complete environmental footprint of the product, and allowing easier comparison between products. ArcelorMittal is the only steel producer to produce low-carbon emissions heavy plate steel in large dimensions (up to 18 tonnes), minimising the need for welding and associated CO₂ emissions.
By utilising low carbon-emissions steel in the top two sections of an offshore tower, this emissions reduction translates to a 25% reduction in emissions compared with a tower made from steel produced via the conventional steelmaking route. For an entire onshore tower, the CO₂ reduction is at least 52%.
Commitment from Baltic Power wind farm
Steel and iron constitute 80-90% of a wind turbine's material mass, and approximately 50% of a turbine’s total lifecycle emissions. With the partnership with ArcelorMittal, Vestas has taken an important step forward to reduce CO₂ emissions occurring in its supply chain and can achieve a 66% decrease in emission intensity per kg steel compared with steel made via the conventional steelmaking route.
Even though the low carbon-emissions steel is not yet a standard offering from Vestas, the first project using low carbon-emissions steel will be the Baltic Power offshore wind farm off the coast of Poland. During 2025, Vestas will start the construction of the offshore wind farm, expected to generate up to up to 1.2 GW and ultimately supply clean electricity to more than 1.5 million households in Poland. Vestas will supply, install, and commission 76 V236-15.0 MW wind turbines for the Baltic Power project. Around 52 towers out of 76 will be made with low carbon-emissions steel.
Dieter Dehoorne, Head of Global Procurement at Vestas, says:
“Finding ways to decarbonise the emissions produced during the raw material extraction and refinement of steel is vital for us and the industry in general. Vestas sees the partnership with ArcelorMittal and the adoption of low-emission steel as a significant lever in reducing CO₂ emissions within the wind industry. Commitment from our customers is vital to drive the transition so we are very happy that we can provide value to our customers with this solution. The Baltic Power project stands as a solid example of this progress, having secured the first order and affirming the delivery of substantial value to our customers.”
Laurent Plasman, CMO Industry, ArcelorMittal Europe – Flat Products, says:
“This partnership sends a strong message that it is possible today, to start building the renewable energy infrastructure needed in Europe, with low carbon-emissions steel made with a European supply chain. Having a strong partnership throughout the supply chain is vital to achieve this, so we would like to thank Vestas and Baltic Power for their vision in using XCarb® recycled and renewably produced steel in this important offshore wind project. With stronger public policy support for the use of low carbon-emissions steel in the building of renewables infrastructure, this project could be the first of many to provide wind energy for homes and industry across Europe.”
Jarosław Broda, CEO Baltic Power, says:
"As the first offshore wind farm in the world to utilize low-emission steel, Baltic Power, a joint venture between ORLEN and Northland Power, is pioneering a sustainable future in the renewable energy sector. Being the largest investment in renewable sources in this part of Europe, our project is setting new benchmarks. The use of low-emission steel from Vestas and ArcelorMittal in our wind farm underscores our commitment to innovation and environmental stewardship. We are proud to lead the way in transforming Poland's energy landscape as we progress towards completing the construction by 2026."
Ends
About ArcelorMittal
ArcelorMittal is the world's leading steel and mining company, 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 59.0 million metric tonnes, while iron ore production reached 45.3 million metric tonnes. Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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 XCarb® recycled and renewably produced steel, visit https://europe.arcelormittal.com/repository2/Europe/XCarb_FlatProducts_brochure.pdf
22 December 2023, 08:00 CET
ArcelorMittal (‘the Company’) today announces that it has engaged dss+, a leading provider of sustainable operations management consulting services, to conduct a company-wide audit of its safety practices.
Alongside the publication of its third quarter financial results on 9 November 2023, the Company said it would commission a comprehensive independent third-party safety audit of its operations to identify gaps and strengthen its safety actions, processes and culture to help prevent serious accidents.
Few firms have the capabilities to carry out work of this complexity and scale, and the appointment was made following a competitive tender process, on the basis of dss+’s deep domain expertise and its ability to operate across the full breadth of ArcelorMittal’s international footprint, which comprises over 350 sites.
Work will start immediately and will comprise, inter alia:
The audit is expected to take up to nine months with the main recommendations to be published in September 2024.
Commenting, Aditya Mittal, CEO, ArcelorMittal, said:
“We look forward to working closely with dss+ over the coming months and to learn from the recommendations of the audit. This audit is of the highest importance, and we are committed to ensuring that its findings contribute to making ArcelorMittal a better, safer company. While it is underway, we continue to build on and accelerate our existing safety improvement activities.”
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, with a presence in 60 countries and primary steelmaking facilities in 15 countries. In 2022, ArcelorMittal had revenues of $79.8 billion and crude steel production of 59 million metric tonnes, while iron ore production reached 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
About dss+
dss+ is a leading provider of sustainable operations management consulting services with a purpose of saving lives and creating a sustainable future. dss+ enables companies to build organisational and human capabilities, manage risk, improve operations, achieve sustainability goals and operate more responsibly.
For more information about dss+, please visit: https://www.consultdss.com
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
21 December 2023, 18:00 CET
With reference to Article 19(3) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulations), ArcelorMittal announces that notifications of share transactions by a Designated Person (i.e. Directors or Executive Officers) are available in the Luxembourg Stock Exchange’s electronic database OAM on www.bourse.lu and on ArcelorMittal’s web site www.arcelormittal.com under Investors > Share Transactions by Management: https://corporate.arcelormittal.com/investors/corporate-governance/share-transactions-by-management
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, with a presence in 60 countries and primary steelmaking facilities in 15 countries. In 2022, ArcelorMittal had revenues of $79.8 billion and crude steel production of 59 million metric tonnes, while iron ore production reached 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
19 December 2023, 13:00 CET
With reference to Article 19(3) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulations), ArcelorMittal announces that notifications of share transactions by a Designated Person (i.e. Directors or Executive Officers) are available in the Luxembourg Stock Exchange’s electronic database OAM on www.bourse.lu and on ArcelorMittal’s web site www.arcelormittal.com under Investors > Share Transactions by Management:
https://corporate.arcelormittal.com/investors/corporate-governance/share-transactions-by-management
14 December 2023, 14:20 CET
With reference to Article 19(3) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulations), ArcelorMittal announces that a notification of share transaction by a Designated Person (i.e. Directors or Executive Officers) is available in the Luxembourg Stock Exchange’s electronic database OAM on www.bourse.lu and on ArcelorMittal’s web site www.arcelormittal.com under Investors > Share Transactions by Management:
https://corporate.arcelormittal.com/investors/corporate-governance/share-transactions-by-management
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, with a presence in 60 countries and primary steelmaking facilities in 15 countries. In 2022, ArcelorMittal had revenues of $79.8 billion and crude steel production of 59 million metric tonnes, while iron ore production reached 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
8 December 2023, 08:40 CET
ArcelorMittal (‘the Company’) today announces it has completed the sale of ArcelorMittal Temirtau, its Kazakh steel and mining operation, to the Qazaqstan Investment Corporation (‘QIC’), a state-controlled direct investment fund.
ArcelorMittal and the Government of Kazakhstan had been in discussion for some months to agree on a sustainable path forward for the integrated steelmaking asset, located in the Karaganda region.
Under the terms of the transaction, on closing ArcelorMittal has received consideration of $286 million and a further $250 million as repayment of outstanding intra-group dues. ArcelorMittal will also receive an additional sovereign-fund guaranteed payment of $450 million, paid in four equal annual instalments, as repayment of an intra-group loan.
All ArcelorMittal Temirtau assets (please refer to the Company’s consolidated accounts and third quarter 2023 earnings release) have been transferred on an ‘as is’ operational basis, meaning QIC has now assumed control and accountability for ArcelorMittal Temirtau’s operations, which will be renamed.
ArcelorMittal has also made a donation of approximately $35 million to the Kazakhstan Khalkyna Foundation, focused on healthcare and education projects in the Karaganda region.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
5 December 2023, 10:30 CET
ArcelorMittal today announces its financial calendar for 2024.
Earnings results announcements:
Annual General Meeting of Shareholders:
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
16 November 2023
ArcelorMittal announces the first industrial production of ethanol at its Steelanol plant, Europe’s first carbon capture and utilisation (CCU) project. This historic milestone was achieved on 7 November 2023, at ArcelorMittal Belgium’s Gent plant. The first industrial-scale production is a significant step in the journey to the full commissioning of the Steelanol plant. Throughout the project, ArcelorMittal has worked with its partners LanzaTech, Primetals Technologies and E4Tech.
The Steelanol plant captures carbon-rich industrial gases from steel production at ArcelorMittal Gent, and biologically converts them into ethanol using LanzaTech's carbon biorecycling process. LanzaTech’s technology works like a brewery, but instead of yeast consuming sugar, proprietary bacteria known as a biocatalyst consume carbon gas and convert it into essential chemical building blocks such as ethanol.
The plant was officially inaugurated in December 2022, followed by cold commissioning. Afterwards, the biocatalyst was introduced into the plant (a process known as inoculation) to start the growth of the microorganisms and verify the production of new molecules. In June 2023, the first samples containing ethanol were produced in the inoculator.
Image: The Steelanol team celebrate the first industrial production of ethanol in Gent
Over the past few weeks, gases from the blast furnace have been safely introduced into the bioreactors. This was followed on November 7th by the first industrial production of ethanol from one of the four bioreactors. A further ramp-up of production is expected in the coming months. The plant has the capacity to produce 80 million litres of advanced ethanol, almost half of the total current advanced ethanol demand for fuel mixing in Belgium. It has the potential to reduce annual carbon emissions from the Ghent plant by 125,000 tonnes.
The ethanol produced in Gent can be used as a building block for a variety of products, including sustainable transport fuels, packaging materials, clothing and even cosmetic perfumes, contributing to efforts to decarbonise the chemical sector worldwide.
In addition to working with LanzaTech, Primetals Technologies and E4Tech, ArcelorMittal has obtained funding from various sources, including the European Union's Horizon 2020 programme and the European Investment Bank, to carry out further research and development and scale up the project. The Flemish government also gave strategic environmental support via VLAIO, the Flemish Agency for Innovation and Enterprise.
About :
About LanzaTech
LanzaTech Global, Inc. (Nasdaq: LNZA) is the carbon recycling company transforming waste carbon into sustainable raw materials for everyday products. Using its biorecycling technology, LanzaTech captures carbon-rich gases generated by energy-intensive industries at the source, preventing them from being emitted into the air. LanzaTech then gives that captured carbon a new life as a sustainable replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain like ArcelorMittal, Zara, H&M Move and Coty, LanzaTech is paving the way for a circular carbon economy. For more information about LanzaTech, visit https://lanzatech.com.
Primetals Technologies, headquartered in London, United Kingdom, is a pioneer and world leader in the fields of engineering, plant building, and the provision of lifecycle services for the metals industry.
E4tech is an international strategic consultancy focused on sustainable energy. Since 1997 they have worked with companies, governments, and investors to help them understand the global opportunities and challenges of clean energy.
About ArcelorMittal
ArcelorMittal is the world's leading steel and mining company, 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 59.0 million metric tonnes, while iron ore production reached 45.3 million metric tonnes. Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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).
15 November 2023, 08:00 CET
The company is building an industrial-scale atomiser in Spain to produce high-quality steel powders for multiple additive manufacturing technologies
ArcelorMittal today announces its entry into the additive manufacturing (AdM) market as a steel powder supplier. The company is building an industrial-scale inert gas atomiser in Aviles, Spain, to produce steel powders for AdM technologies such as laser powder bed fusion (LPBF), binder jetting (BJ) and direct energy deposition (DED).
The atomiser, which will start production in January 2024, will have a large batch-size production capability, from 200 kg to 3 tonnes, and an initial annual capacity of 1000 tonnes. This will enable ArcelorMittal to supply significant volumes of steel powders with consistent quality, reliability and traceability, meeting the high standards and specifications of the AdM industry.
In line with ArcelorMittal's commitment to sustainability and decarbonisation, the company is committed to advancing the sustainability of additive manufacturing. The atomiser will therefore produce powders from scrap steel, using renewable electricity, atomising with industrial gases produced by renewable energy, and using recycled and recyclable packaging solutions.
A new business unit, ArcelorMittal Powders, has been established to commercialise the output of the atomiser. The steel powders will be offered in size ranges suitable for all existing powder-based metal additive technologies in manufacturing industries such as aerospace, defence, automotive, medical, and energy. They can also be used in the latest technological developments such as the brake disc coatings being developed to help Automotive OEMs and Tier Ones comply with the EU7 regulation on particle emissions. A layer of powder deposited on the brake disc provides wear and corrosion resistance which significantly reduces the particulate emissions of braking.
Commenting, Gregory Ludkovsky, Chief Executive Officer of Global Research and Development, ArcelorMittal, said:
"We are proud to launch ArcelorMittal Powders, a new business unit that reflects our vision to be at the forefront of innovation and sustainability in the steel industry. By producing and supplying steel powders for additive manufacturing, we are expanding our portfolio of advanced materials and solutions for the future of manufacturing. We believe that steel has great potential to become the material of choice for additive manufacturing, thanks to its versatility, performance and sustainability.
“The additive manufacturing industry has grown phenomenally over the past decade and is expected to continue to grow in double digits over the next 10 years. While the production of steel powders is a new venture for ArcelorMittal, we are confident that our metallurgical expertise and solutions-based approach will provide our customers with the support they need to improve the quality and reliability of their additive manufacturing projects."
Colin Hautz, CEO of ArcelorMittal Powders, added:
"Additive manufacturing is an area we have been investing in and building our capabilities for several years, and we are now ready to scale up our production and offer our customers and partners a reliable and competitive source of high-quality steel powders.
“From our facility in Spain, we will offer a range of steel powders tailored to our customers’ needs. A technology as innovative and disruptive as additive manufacturing not only allows us to think about changes in the design and manufacturing process of many parts and components we use today, but also exploit one of the inherently sustainable characteristics of steel – its recyclability."
Marketed under the AdamIQ™ brand name, ArcelorMittal's product portfolio will include stainless steels (316L, 430L, 17-4PH), tool steels (H11, H13, M300) and low alloy steels (a dual-phase alloy; 4140 equivalent). Drawing on its metallurgical expertise, ArcelorMittal’s research and development team dedicated to AdM technologies and steel powder production intends to add further steel powder products for customers to test in 2024.
ArcelorMittal believes that AdM can create new opportunities for manufacturing industries, by enabling the production of complex, customised parts with enhanced properties while simultaneously reducing material waste. The company is now looking to scale up its participation in the AdM market and, mirroring its successful approach with its S-in motion® programme in the automotive sector, intends to scale its steel powders offering in collaboration with customers and industrial partners, through co-design and co-engineering projects.
ArcelorMittal has been producing steel powders in a pilot atomiser at its AdM lab in Aviles since 2018. With its dedicated research and development facilities and over 50 full-time researchers, ArcelorMittal has developed a detailed understanding of the interactions between steel alloy design, atomisation parameters, AdM process parameters and the final properties of the printed parts.
Through its AdM and Digital Research Centre, ArcelorMittal has already collaborated with customers and partners on various projects, such as the development of a generative design steel motorbike chassis, the optimisation of AdM productivity through software algorithms and, with a JV partner, the production of over 10 tonnes of 1,600 different spare parts per year, for its own steel plants.
Two factors helped ArcelorMittal decide that now is an appropriate time to enter the steel powders market. Firstly, the belief that additive manufacturing, while still at an embryonic phase, offers exciting growth potential, and there are significant benefits to gain from being an early participant able to foster the direction of growth. Secondly, feedback from industrial customers was that variations in batch-to-batch quality is a significant issue that is impacting production reliability and repeatability and is thereby impeding the broader uptake of AdM in larger production runs. This, plus the trend to ever-larger AdM machines, prompted the decision to build an atomiser with a large batch size.
ArcelorMittal unveiled its steel powders and AdM capabilities at the Formnext trade fair in Frankfurt, Germany (November 7 to 10, 2023), where visitors were able to learn more about the company's products and services, and to see examples of the printed parts which have been developed.
Pre-sales orders for 2024 volume are being taken at competitive rates. For more information, or to start a collaboration, please contact us at contact.powders@arcelormittal.com or visit https://powders.arcelormittal.com/.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
Luxembourg, November 9, 2023 - ArcelorMittal (referred to as “ArcelorMittal” or the “Company” or the "Group") (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 nine-month periods ended September 30, 2023.
Commenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said:
"On October 28, 2023, we suffered a catastrophic accident at the Kostenko coal mine in Kazakhstan that took the lives of 46 colleagues. We mourn their passing and deeply regret the devastation caused to the families of the victims. We are doing everything in our power to support them, and our communities at this difficult time.
“The only course of action is to ensure that we take a hard look inside our Group, identify the gaps that exist and strengthen our safety actions, processes and culture to ensure that we prevent all serious accidents. For this reason, we are commissioning a comprehensive independent 3rd party safety audit, the key recommendations of which will be published in due course.
“We are committed to learning from this tragedy and taking the appropriate action so that we emerge a better, safer Company.”
3Q'23 financial results:
Outlook
Financial highlights (on the basis of IFRS1):
(USDm) unless otherwise shown | 3Q 23 | 2Q 23 | 3Q 22 | 9M 23 | 9M 22 |
Sales | 16,616 | 18,606 | 18,975 | 53,723 | 62,953 |
Operating income | 1,203 | 1,925 | 1,651 | 4,320 | 10,578 |
Net income attributable to equity holders of the parent | 929 | 1,860 | 993 | 3,885 | 9,041 |
Basic earnings per common share (US$) | 1.11 | 2.21 | 1.11 | 4.59 | 9.76 |
Operating income/tonne (US$/t) | 88 | 136 | 122 | 102 | 244 |
EBITDA | 1,865 | 2,605 | 2,660 | 6,292 | 12,903 |
EBITDA /tonne (US$/t) | 136 | 183 | 196 | 149 | 298 |
Crude steel production (Mt) | 15.2 | 14.7 | 14.9 | 44.4 | 45.8 |
Steel shipments (Mt) | 13.7 | 14.2 | 13.6 | 42.3 | 43.3 |
Total Group iron ore production (Mt) | 10.7 | 10.5 | 10.6 | 32.0 | 34.6 |
Iron ore production (Mt) (AMMC and Liberia only) | 6.7 | 6.4 | 6.9 | 19.8 | 21.1 |
Iron ore shipment (Mt) (AMMC and Liberia only) | 6.3 | 6.6 | 6.9 | 20.3 | 21.1 |
Shares outstanding fully diluted basis in millions | 838 | 839 | 816 | 838 | 816 |
Safety and sustainable development
Devastating accident in Kazakhstan
ArcelorMittal has been devastated by the sequence of fatal accidents in Kazakhstan, culminating most recently in the disastrous explosion at the Kostenko mine on October 28, 2023, resulting in 46 deaths. These accidents took place despite intensified focus over the past two years on improving safety across the Group.
The Company is providing medical, emotional and financial support to the colleagues rescued from the accident. Assistance to bereaved families includes covering all funeral and memorial expenses, a one-off payment equivalent to ten years’ salary, purchasing housing, repaying personal loans (deceased and family members), and covering education fees for children up to the age of 23. In addition, the Company is providing post-traumatic psychological support and developing individual health recovery plans.
ArcelorMittal has owned ArcelorMittal Temirtau since 1995, and over the last 20 years has invested over $5 billion capex into the maintenance and enhancement of the asset, including safety. Much of the safety spend in recent years has been directed to our mining business, for state-of-the-art sensors to monitor gas levels and personnel tracking systems so we can identify the location of miners at all times, and drilling equipment that enables us to study and better understand the geology of our mines. We have also significantly enhanced the volume and quality of our safety training, working with external experts. We are devastated, that despite our considerable efforts we have had 5 fatal accidents in the last two years.
We are commissioning a comprehensive 3rd party audit of all our safety practices
A full internal review of ArcelorMittal’s Group-wide safety program is underway. In addition, the Company is in the process of commissioning a 3rd party to undertake a comprehensive audit of all the Group’s safety practices. The scope of the audit will cover our complete management of health and safety: from policies, governance, processes and procedures, standards, in field assessments of both occupational health and safety and process safety, training, competencies, and our performance. The recommendations of the audit will be published.
While the audit is underway, we are building on and accelerating our existing safety improvement activities
In recent years, the Company has relaunched its safety strategy with a focus on twin pillars of risk management and cultural change:
The Group’s steel operations (excluding CIS) are fatality free for own employees in 2023 year-to-date15 and including contractors, the fatality frequency rate ("FFR") has also considerably improved and is 40% better than the record World Steel Association average.
Sustainable development highlights:
Analysis of results for 3Q 2023 versus 2Q 2023 and 3Q 2022
Total steel shipments in 3Q 2023 were -3.7% lower at 13.7Mt as compared with 14.2Mt for 2Q 2023, reflecting lower shipments in NAFTA (-3.0%), Europe shipments (-10.1%) reflecting seasonality and inventory replenishment offset in part by improved volume in ACIS (+13.4%). Total steel shipments in 3Q 2023 were +0.8% higher as compared with 13.6Mt in 3Q 2022. Excluding the impacts of ArcelorMittal Pecém, steel shipments in 3Q 2023 were -4.3% lower as compared to 3Q 2022.
Sales in 3Q 2023 were -10.7% lower at $16.6 billion as compared to $18.6 billion in 2Q 2023 and lower than $19.0 billion for 3Q 2022. As compared to 2Q 2023, sales were impacted by lower average steel selling prices (-7.5%) and lower steel shipment volumes (as discussed above). Sales in 3Q 2023 were -12.4% lower as compared to 3Q 2022 primarily due to lower average steel selling prices (-12.5%).
Depreciation for 3Q 2023 was lower at $662 million, slightly lower than $680 million for 2Q 2023, but higher than $628 million in 3Q 2022 (largely due to the consolidation of ArcelorMittal Pecém).
There were no exceptional items for 3Q 2023 and 2Q 2023. Exceptional items for 3Q 2022 of $0.4 billion included $0.5 billion of non-cash inventory related charges to reflect the net realizable value of inventory under IFRS with declining market prices in Europe and partially offset by a $0.1 billion purchase gain on the acquisition of a Hot Briquetted Iron (‘HBI’) plant in Texas.
On October 22, 2023, ArcelorMittal signed a preliminary non-binding agreement to transfer ownership of ArcelorMittal Temirtau14 to the Republic of Kazakhstan. The ArcelorMittal Temirtau assets are recorded on ArcelorMittal’s balance sheet as of September 30, 2023 at a value of $1.8 billion; neither this agreement nor the accident at the Kostenko mine on October 28, 2023, had a retrospective impact on this carrying value as both events are considered as non-adjusting subsequent events. The functional currency of ArcelorMittal Temirtau is the Tenge and therefore carrying values are subject to foreign exchange translation gains and losses recognized in equity upon translation into the US dollar, the currency in which ArcelorMittal’s financial statements are presented. Since the acquisition of this asset in 1995, ArcelorMittal has recorded approximately $1.3 billion of foreign exchange losses in equity. Upon disposal of the foreign operation, such cumulative foreign exchange differences are recycled in profit and loss (i.e. total equity remains unchanged). Additionally, if and when a binding agreement is entered into and the transaction is closed, ArcelorMittal Temirtau’s net assets will be deconsolidated.
Operating income for 3Q 2023 was $1.2 billion as compared to $1.9 billion in 2Q 2023 and $1.7 billion in 3Q 2022. The lower operating income in 3Q 2023 as compared to 2Q 2023 reflected a decline in steel spreads (as the pace of the decline in steel prices was greater than the reduction in the raw material basket) and lower steel shipments.
Income from associates, joint ventures and other investments for 3Q 2023 was $285 million as compared to $393 million in 2Q 2023 (which included $0.1 billion income from AMNS India arising from recognition of a deferred tax asset) and $59 million in 3Q 2022. 3Q 2023 results improved as compared to 3Q 2022 with higher contributions from AMNS India and Calvert.
Net interest expense in 3Q 2023 was $31 million as compared to $47 million in 2Q 2023 and $37 million in 3Q 2022.
Foreign exchange and other net financing loss in 3Q 2023 was $224 million as compared to $133 million in 2Q 2023 and $247 million in 3Q 2022. 3Q 2023 included a foreign exchange loss of $99 million as compared to $60 million in 2Q 2023 and $108 million in 3Q 2022.
ArcelorMittal recorded an income tax expense of $272 million (including deferred tax benefit of $10 million) in 3Q 2023, as compared to an income tax expense of $231 million (including deferred tax benefit of $85 million) in 2Q 2023 and an income tax expense of $371 million (including deferred tax benefit of $23 million) in 3Q 2022.
ArcelorMittal recorded net income in 3Q 2023 of $929 million as compared to $1,860 million in 2Q 2023 and $993 million for 3Q 2022.
ArcelorMittal's basic earnings per common share for 3Q 2023 was lower at $1.11 as compared to $2.21 in 2Q 2023 and stable compared to $1.11 in 3Q 2022.
Analysis of segment operations
NAFTA
(USDm) unless otherwise shown | 3Q 23 | 2Q 23 | 3Q 22 | 9M 23 | 9M 22 |
Sales | 3,188 | 3,498 | 3,438 | 10,036 | 10,851 |
Operating income | 520 | 662 | 616 | 1,637 | 2,487 |
Depreciation | (125) | (127) | (114) | (378) | (300) |
Exceptional items | — | — | 92 | — | 92 |
EBITDA | 645 | 789 | 638 | 2,015 | 2,695 |
Crude steel production (kt) | 2,122 | 2,244 | 2,126 | 6,542 | 6,246 |
Steel shipments* (kt) | 2,527 | 2,604 | 2,339 | 7,974 | 7,248 |
Average steel selling price (US$/t) | 1,043 | 1,116 | 1,191 | 1,049 | 1,278 |
* 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. 3Q'23 393kt 2Q'23 360kt; 3Q'22 241kt; 9M'23 1,227kt and 9M'22 901kt
NAFTA segment crude steel production declined by -5.4% to 2.1Mt in 3Q 2023 as compared to 2.2Mt in 2Q 2023 primarily due to maintenance in Long Products Canada, and was stable as compared to 3Q 2022.
Steel shipments in 3Q 2023 decreased by -3.0% to 2.5Mt as compared to 2.6Mt in 2Q 2023 and were +8.0% higher than 3Q 2022 primarily due to higher slab shipments sourced from Brazil and sold to Calvert JV (+1.4% year-on-year excluding this effect).
Sales in 3Q 2023 decreased by -8.8% to $3.2 billion, as compared to $3.5 billion in 2Q 2023 primarily on account of lower average steel selling prices (-6.5%) and lower steel shipments (-3.0%). Sales declined by -7.3% in 3Q 2023 as compared to $3.4 billion in 3Q 2022 primarily on account of lower average steel selling prices (-12.4%) offset in part by higher steel shipment volumes (+8.0%).
Exceptional items for 3Q 2022 of $0.1 billion were the purchase gain recognized on the acquisition of the HBI plant in Texas.
Operating income in 3Q 2023 decreased by -21.4% to $520 million as compared to $662 million in 2Q 2023 and was -15.6% lower as compared to $616 million in 3Q 2022.
EBITDA in 3Q 2023 of $645 million was -18.2% lower as compared to $789 million in 2Q 2023, primarily due to a negative price-cost effect and lower steel shipments. EBITDA in 3Q 2023 was broadly stable as compared to $638 million in 3Q 2022.
Brazil6
(USDm) unless otherwise shown | 3Q 23 | 2Q 23 | 3Q 22 | 9M 23 | 9M 22 |
Sales | 3,560 | 3,826 | 3,486 | 10,454 | 10,838 |
Operating income | 414 | 553 | 598 | 1,290 | 2,473 |
Depreciation | (87) | (105) | (57) | (264) | (186) |
EBITDA | 501 | 658 | 655 | 1,554 | 2,659 |
Crude steel production (kt) | 3,669 | 3,732 | 2,969 | 10,453 | 9,094 |
Steel shipments (kt) | 3,599 | 3,583 | 2,837 | 10,119 | 8,877 |
Average steel selling price (US$/t) | 932 | 1,001 | 1,137 | 970 | 1,137 |
Brazil segment crude steel production decreased by -1.7% to 3.7Mt in 3Q 2023 as compared to 2Q 2023. On a scope adjusted basis (i.e. excluding the impact of ArcelorMittal Pecém consolidated as from March 9, 2023), 3Q 2023 crude steel production of 2.9Mt declined by -2.7% as compared to 3.0Mt in 3Q 2022.
Steel shipments in 3Q 2023 at 3.6Mt was stable as compared to 2Q 2023 and +26.8% higher as compared to 2.8Mt in 3Q 2022 primarily due to the impact of ArcelorMittal Pecém. On a scope adjusted basis (i.e. excluding ArcelorMittal Pecém), steel shipments in 3Q 2023 increased by +2.1% as compared to 3Q 2022.
Sales in 3Q 2023 decreased by -6.9% to $3.6 billion as compared to $3.8 billion in 2Q 2023, primarily due to a -6.9% decrease in average steel selling prices. Sales in 3Q 2023 were +2.1% higher than $3.5 billion at 3Q 2022 primarily on account of the impact of ArcelorMittal Pecém offset in part by -18.1% decline in average steel selling prices.
Operating income in 3Q 2023 of $414 million was -25.2% lower as compared to $553 million in 2Q 2023 and -30.9% lower than $598 million in 3Q 2022.
EBITDA in 3Q 2023 decreased by -24.0% to $501 million as compared to $658 million in 2Q 2023 due to negative price-cost effect. EBITDA in 3Q 2023 was -23.6% lower than $655 million in 3Q 2022 primarily due to negative price-cost effect offset in part by the contribution from ArcelorMittal Pecém.
Europe
(USDm) unless otherwise shown | 3Q 23 | 2Q 23 | 3Q 22 | 9M 23 | 9M 22 |
Sales | 8,894 | 10,518 | 10,694 | 30,315 | 37,186 |
Operating income | 160 | 556 | 158 | 1,093 | 4,302 |
Depreciation | (313) | (309) | (300) | (916) | (952) |
Exceptional items | — | — | (473) | — | (473) |
EBITDA | 473 | 865 | 931 | 2,009 | 5,727 |
Crude steel production (kt) | 7,475 | 6,943 | 7,998 | 22,197 | 24,948 |
Steel shipments (kt) | 6,538 | 7,274 | 7,079 | 21,564 | 23,380 |
Average steel selling price (US$/t) | 1,020 | 1,097 | 1,150 | 1,059 | 1,222 |
Europe segment crude steel production increased by +7.7% to 7.5Mt in 3Q 2023 as compared to 6.9Mt in 2Q 2023, which had been impacted by the blast furnace outages in Gijon, Spain (BF A) and Dunkirk, France (BF4). The two furnaces were restarted in mid-July 2023, but due to slow ramp ups, crude steel production in 3Q 2023 was -6.5% lower as compared to 8.0Mt in 3Q 2022. 4Q 2023 production will be impacted by production cuts including BF1 at Fos (France), reline of BF#A at Gent (Belgium) and planned maintenance of BF#2 at Bremen (Germany).
Steel shipments decreased by -10.1% to 6.5Mt in 3Q 2023 as compared to 7.3Mt in 2Q 2023 primarily due to seasonal demand impacts including weaker construction-related demand and metal stock replenishment. These same factors and the weaker economic environment impacted shipments in 3Q 2023 which were -7.7% lower as compared to 7.1Mt in 3Q 2022.
Sales in 3Q 2023 declined by -15.4% to $8.9 billion, as compared to $10.5 billion in 2Q 2023, primarily due to a -7.1% decrease in average steel selling prices and a -10.1% decline in steel shipments. Sales declined by -16.8% as compared to $10.7 billion in 3Q 2022 primarily due to lower average steel selling prices (-11.3%) and lower steel shipments (-7.7%).
Exceptional items for 3Q 2022 of $473 million related to non-cash inventory charges under IFRS to reflect the net realizable value of inventory in light of declining market prices.
Operating income in 3Q 2023 was $160 million as compared to $556 million in 2Q 2023 and $158 million in 3Q 2022.
EBITDA in 3Q 2023 of $473 million decreased by -45.3% as compared to $865 million in 2Q 2023, mainly due to lower steel shipments and a negative price-cost effect. EBITDA in 3Q 2023 decreased by -49.2% as compared to $931 million in 3Q 2022 due to lower steel shipments and a negative price cost effect, offset partly by lower energy costs.
ACIS
(USDm) unless otherwise shown | 3Q 23 | 2Q 23 | 3Q 22 | 9M 23 | 9M 22 |
Sales | 1,389 | 1,389 | 1,569 | 4,223 | 5,139 |
Operating (loss)income | (92) | (64) | (55) | (332) | 268 |
Depreciation | (71) | (73) | (93) | (216) | (304) |
EBITDA | (21) | 9 | 38 | (116) | 572 |
Crude steel production (kt) | 1,925 | 1,768 | 1,842 | 5,176 | 5,555 |
Steel shipments (kt) | 1,698 | 1,497 | 1,675 | 4,695 | 4,964 |
Average steel selling price (US$/t) | 681 | 727 | 773 | 714 | 845 |
ACIS segment crude steel production in 3Q 2023 was 1.9Mt, an increase of +8.9% as compared to 1.8Mt in 2Q 2023 and +4.5% higher than 3Q 2022 primarily due to increased production in Ukraine.
Steel shipments in 3Q 2023 were +13.4% higher at 1.7Mt (in all three units) as compared to 1.5Mt in 2Q 2023 and were +1.3% higher as compared to 1.7Mt in 3Q 2022.
Sales in 3Q 2023 were stable at $1.4 billion as compared to 2Q 2023, primarily due to higher steel shipments offset by lower average steel selling prices (-6.4%). Sales declined by -11.5% in 3Q 2023 as compared to $1.6 billion in 3Q 2022 primarily on account of lower average steel selling prices (-12.0%) offset in part with higher steel shipments (+1.3%).
Operating loss in 3Q 2023 was $92 million as compared to $64 million in 2Q 2023 and $55 million in 3Q 2022.
EBITDA loss was $21 million in 3Q 2023 as compared to EBITDA of $9 million in 2Q 2023 primarily due to lower average steel selling prices offset in part by higher steel shipments. EBITDA is lower as compared to $38 million in 3Q 2022 primarily due to lower average steel selling prices (-12.0%).
Mining
(USDm) unless otherwise shown | 3Q 23 | 2Q 23 | 3Q 22 | 9M 23 | 9M 22 |
Sales | 729 | 680 | 742 | 2,313 | 2,680 |
Operating income | 275 | 225 | 254 | 874 | 1,228 |
Depreciation | (57) | (56) | (57) | (169) | (177) |
EBITDA | 332 | 281 | 311 | 1,043 | 1,405 |
Iron ore production (Mt) | 6.7 | 6.4 | 6.9 | 19.8 | 21.1 |
Iron ore shipment (Mt) | 6.3 | 6.6 | 6.9 | 20.3 | 21.1 |
Note: Mining segment comprises iron ore operations of ArcelorMittal Mines Canada and ArcelorMittal Liberia.
Iron ore production in 3Q 2023 was +4.4% higher at 6.7Mt as compared to 6.4Mt in 2Q 2023, with higher production in ArcelorMittal Mines Canada (AMMC)7 more than offsetting the impact of a severe wet season on production in Liberia. Nevertheless, production was -3.4% lower than 6.9Mt in 3Q 2022.
Iron ore shipments were -1.6% lower at 6.3Mt in 3Q 2023 as compared to 6.6Mt in 2Q 2023 and -7.4% lower as compared to 6.9Mt in 3Q 2022, primarily due to the severe wet season in Liberia.
Operating income in 3Q 2023 was higher by +22.0% at $275 million as compared to $225 million in 2Q 2023 and higher by +8.2% as compared to $254 million in 3Q 2022.
EBITDA in 3Q 2023 of $332 million was higher as compared to $281 million in 2Q 2023, with the effect of higher iron ore reference prices (+3.1%). EBITDA in 3Q 2023 was +6.7% higher as compared to $311 million in 3Q 2022, primarily due to higher iron ore reference prices (+9.8%) and lower freight costs offset in part by lower iron ore shipments (-7.4%) and lower quality premia.
Joint ventures
ArcelorMittal 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 | 3Q 23 | 2Q 23 | 3Q 22 | 9M 23 | 9M 22 |
Production (100% basis) (kt)* | 1,178 | 1,198 | 1,055 | 3,602 | 3,306 |
Steel shipments (100% basis) (kt)** | 1,063 | 1,157 | 1,030 | 3,390 | 3,324 |
EBITDA (100% basis)*** | 105 | 142 | 2 | 284 | 590 |
* 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 3Q 2023 decreased by -1.7% to 1.2Mt as compared to 2Q 2023, and increased by +11.7% as compared to 1.1Mt in 3Q 2022.
Steel shipments in 3Q 2023 of 1.1Mt declined by -8.1% as compared to 1.2Mt in 2Q 2023 primarily due to lower demand from service centers and lower tolling and higher by +3.2% as compared to 1.0Mt in 3Q 2022.
EBITDA*** during 3Q 2023 of $105 million represented a decline as compared to $142 million in 2Q 2023 primarily due to a negative price cost effect.
AMNS India
(USDm) unless otherwise shown | 3Q 23 | 2Q 23 | 3Q 22 | 9M 23 | 9M 22 |
Crude steel production (100% basis) (kt) | 1,942 | 1,792 | 1,663 | 5,500 | 5,061 |
Steel shipments (100% basis) (kt) | 1,874 | 1,679 | 1,634 | 5,383 | 4,877 |
EBITDA (100% basis) | 533 | 563 | 204 | 1,437 | 1,039 |
Crude steel production in 3Q 2023 increased by +8.4% to 1.9Mt as compared to 1.8Mt in 2Q 2023 and +16.8% higher as compared to 1.7Mt in 3Q 2022 (which had been impacted by planned maintenance).
Steel shipments in 3Q 2023 were 11.6% higher at 1.9Mt as compared 1.7Mt in 2Q 2023 and +14.7% higher as compared to 1.6Mt in 3Q 2022.
EBITDA during 3Q 2023 of $533 million was -5.3% lower as compared to $563 million in 2Q 2023, primarily due to lower average steel selling prices offset in part by higher steel shipments and lower costs. 3Q 2023 EBITDA was higher as compared to $204 million in 3Q 2022, due to higher steel shipments and lower costs including the gain from the unwinding of a natural gas hedge.
Liquidity and Capital Resources
Net cash provided by operating activities in 3Q 2023 was $1,281 million as compared to $2,087 million in 2Q 2023 and $1,981 million in 3Q 2022. Net cash provided by operating activities in 3Q 2023 includes a working capital investment of $269 million as compared to a release of $178 million in 2Q 2023 and an investment of $580 million in 3Q 2022. The Company has invested $866 million in working capital over the first nine months of 2023 but continues to expect an overall working capital release for the full year.
Capex in 3Q 2023 amounted to $1,165 million compared with $1,060 million in 2Q 2023 and $784 million in 3Q 2022. FY 2023 capex is expected to be towards the mid-point of the previously communicated guidance range ($4.5 billion - $5.0 billion)8,11.
Net cash provided by other investing activities in 3Q 2023 of $187 million and $45 million in 2Q 2023 mainly related to asset sales. Net cash used in other investing activities in 3Q 2022 was $19 million mainly related to investment in Form Energy Inc. (through the XCarbTM innovation fund)9.
Net cash provided by financing activities in 3Q 2023 was $102 million which include ArcelorMittal share buybacks totalling $38 million (1.4 million shares purchased during this quarter)13. Net cash used in financing activities in 2Q 2023 was $1,490 million which included a $812 million note repayment at maturity and 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 in early April 2023). Net cash used in financing activities in 3Q 2022 was $219 million and included the issuance of a €600 million 4 year note which was offset by the repurchase of 31 million shares for a total amount of $712 million (of which $649 million was paid by the end of September 2022 and $63 million settled in early October 2022).
During 3Q 2023, the Company paid $66 million mainly to minority shareholders of AMMC as compared to $12 million in 2Q 2023 and $124 million in 3Q 2022 mainly paid to minority shareholders of AMMC.
Gross debt remained stable at $10.5 billion as of September 30, 2023 (with cash and cash equivalents of $6.3 billion), as compared to June 30, 2023 (with cash and cash equivalents of $5.9 billion), and $11.6 billion as of December 31, 2022 (with cash and cash equivalents of $9.4 billion). Net debt decreased by $0.2 billion to $4.3 billion as of September 30, 2023, as compared to $4.5 billion as of June 30, 2023, and increased by $2.1 billion from $2.2 billion as of December 31, 2022.
As of September 30, 2023, the Company had liquidity of $11.8 billion consisting of cash and cash equivalents of $6.3 billion and $5.5 billion of available credit lines as compared to liquidity of $11.4 billion as of June 30, 2023 (consisting of cash and cash equivalents of $5.9 billion and $5.5 billion of available credit lines10). As of September 30, 2023, the average debt maturity was 5.9 years.
Recent developments
On October 22, 2023, a preliminary agreement was signed with the Government of Kazakhstan for the transfer of ownership of ArcelorMittal Temirtau14 to the Republic of Kazakhstan. The Company is focused on concluding this transaction as soon as possible.
Outlook
Based on year-to-date developments and the current economic outlook, ArcelorMittal continues to forecast global ex-China apparent steel consumption (“ASC”) to grow by between +1.0% to +2.0% in 2023 as compared to 2022. Within this forecast, we expect ASC in Europe to be below the bottom end of our previous forecast range (-0.5% to +1.5%) due to weak demand for long products given weaker construction activity, whilst ASC in India is expected to be above the top end of the previous forecast range (+6.0% to +8.0%).
Production in 1H 2023 was impacted by operational incidents at European operations, limiting shipments and also reducing metal stock inventories. Production in 2H 2023 is being impacted by scheduled BF relines in Gent (Belgium) and Bremen (Germany). Given the prevailing low spread environment, the Company is prioritizing the replenishment of its metal stock during 2H 2023, to be well positioned to respond to customer demand in an improved spread environment with expected service and delivery performance. Given these factors, the Company expects steel shipments in 2023 to be broadly stable as compared to 2022.
The Company remains positive on the medium/long-term steel demand outlook and, supported by its strong financial position remains focused on executing its strategy of growth with capital returns. FY 2023 capex is expected to be towards the mid-point of the previously communicated guidance range ($4.5 billion-$5.0 billion); strategic growth projects remain on track and estimated to deliver $1.3 billion of additional normalized EBITDA12.
The Company continues to expect a working capital release for the year (9M 2023 working capital investment of $0.9 billion) and expects FCF to remain healthy in 4Q 2023.
ArcelorMittal Condensed Consolidated Statements of Financial Position1
In millions of U.S. dollars | Sept 30, 2023 | Jun 30, 2023 | Dec 31, 2022 |
ASSETS | |||
Cash and cash equivalents | 6,289 | 5,943 | 9,414 |
Trade accounts receivable and other | 4,479 | 4,774 | 3,839 |
Inventories | 18,852 | 20,036 | 20,087 |
Prepaid expenses and other current assets | 3,505 | 3,636 | 3,778 |
Total Current Assets | 33,125 | 34,389 | 37,118 |
Goodwill and intangible assets | 4,885 | 5,074 | 4,903 |
Property, plant and equipment | 33,494 | 33,682 | 30,167 |
Investments in associates and joint ventures | 11,171 | 11,142 | 10,765 |
Deferred tax assets | 8,884 | 8,901 | 8,554 |
Other assets | 2,180 | 2,235 | 3,040 |
Total Assets | 93,739 | 95,423 | 94,547 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
Short-term debt and current portion of long-term debt | 2,310 | 1,809 | 2,583 |
Trade accounts payable and other | 12,315 | 13,454 | 13,532 |
Accrued expenses and other current liabilities | 5,826 | 5,791 | 6,283 |
Total Current Liabilities | 20,451 | 21,054 | 22,398 |
Long-term debt, net of current portion | 8,233 | 8,651 | 9,067 |
Deferred tax liabilities | 2,573 | 2,722 | 2,666 |
Other long-term liabilities | 4,943 | 5,087 | 4,826 |
Total Liabilities | 36,200 | 37,514 | 38,957 |
Equity attributable to the equity holders of the parent | 55,406 | 55,720 | 53,152 |
Non-controlling interests | 2,133 | 2,189 | 2,438 |
Total Equity | 57,539 | 57,909 | 55,590 |
Total Liabilities and Shareholders’ Equity | 93,739 | 95,423 | 94,547 |
ArcelorMittal Condensed Consolidated Statements of Operations1
Three months ended | Nine months ended | ||||
In millions of U.S. dollars unless otherwise shown | Sept 30, 2023 | Jun 30, 2023 | Sept 30, 2022 | Sept 30, 2023 | Sept 30, 2022 |
Sales | 16,616 | 18,606 | 18,975 | 53,723 | 62,953 |
Depreciation (B) | (662) | (680) | (628) | (1,972) | (1,944) |
Impairment items (B) | — | — | — | — | — |
Exceptional items (B) | — | — | (381) | — | (381) |
Operating income (A) | 1,203 | 1,925 | 1,651 | 4,320 | 10,578 |
Operating margin % | 7.2 % | 10.3 % | 8.7 % | 8.0 % | 16.8 % |
Income from associates, joint ventures and other investments | 285 | 393 | 59 | 996 | 1,196 |
Net interest expense | (31) | (47) | (37) | (142) | (141) |
Foreign exchange and other net financing (loss) | (224) | (133) | (247) | (474) | (570) |
Income before taxes and non-controlling interests | 1,233 | 2,138 | 1,426 | 4,700 | 11,063 |
Current tax expense | (282) | (316) | (394) | (880) | (1,989) |
Deferred tax benefit | 10 | 85 | 23 | 188 | 237 |
Income tax expense (net) | (272) | (231) | (371) | (692) | (1,752) |
Income including non-controlling interests | 961 | 1,907 | 1,055 | 4,008 | 9,311 |
Non-controlling interests income | (32) | (47) | (62) | (123) | (270) |
Net income attributable to equity holders of the parent | 929 | 1,860 | 993 | 3,885 | 9,041 |
Basic earnings per common share ($) | 1.11 | 2.21 | 1.11 | 4.59 | 9.76 |
Diluted earnings per common share ($) | 1.10 | 2.20 | 1.11 | 4.57 | 9.73 |
Weighted average common shares outstanding (in millions) | 838 | 842 | 892 | 847 | 926 |
Diluted weighted average common shares outstanding (in millions) | 841 | 845 | 895 | 850 | 929 |
OTHER INFORMATION | |||||
EBITDA (C = A-B) | 1,865 | 2,605 | 2,660 | 6,292 | 12,903 |
EBITDA Margin % | 11.2 % | 14.0 % | 14.0 % | 11.7 % | 20.5 % |
Total Group iron ore production (Mt) | 10.7 | 10.5 | 10.6 | 32.0 | 34.6 |
Crude steel production (Mt) | 15.2 | 14.7 | 14.9 | 44.4 | 45.8 |
Steel shipments (Mt) | 13.7 | 14.2 | 13.6 | 42.3 | 43.3 |
ArcelorMittal Condensed Consolidated Statements of Cash flows1
Three months ended | Nine months ended | ||||
In millions of U.S. dollars | Sept 30, 2023 | Jun 30, 2023 | Sept 30, 2022 | Sept 30, 2023 | Sept 30, 2022 |
Operating activities: | |||||
Income attributable to equity holders of the parent | 929 | 1,860 | 993 | 3,885 | 9,041 |
Adjustments to reconcile net income to net cash provided by operations: | |||||
Non-controlling interests income | 32 | 47 | 62 | 123 | 270 |
Depreciation | 662 | 680 | 628 | 1,972 | 1,944 |
Exceptional items | — | — | 381 | — | 381 |
Income from associates, joint ventures and other investments | (285) | (393) | (59) | (996) | (1,196) |
Deferred tax benefit | (10) | (85) | (23) | (188) | (237) |
Change in working capital | (269) | 178 | (580) | (866) | (3,635) |
Other operating activities (net) | 222 | (200) | 579 | 387 | 1 |
Net cash provided by operating activities (A) | 1,281 | 2,087 | 1,981 | 4,317 | 6,569 |
Investing activities: | |||||
Purchase of property, plant and equipment and intangibles (B) | (1,165) | (1,060) | (784) | (3,163) | (1,968) |
Other investing activities (net) | 187 | 45 | (19) | (1,699) | (982) |
Net cash used in investing activities | (978) | (1,015) | (803) | (4,862) | (2,950) |
Financing activities: | |||||
Net proceeds(payments) relating to payable to banks and long-term debt | 262 | (1,011) | 592 | (1,139) | 1,360 |
Dividends paid to ArcelorMittal shareholders | — | (185) | — | (185) | (332) |
Dividends paid to minorities (C) | (66) | (12) | (124) | (131) | (302) |
Share buyback | (38) | (227) | (649) | (742) | (2,649) |
Lease payments and other financing activities (net) | (56) | (55) | (38) | (540) | (132) |
Net cash provided by (used in) financing activities | 102 | (1,490) | (219) | (2,737) | (2,055) |
Net increase(decrease) in cash and cash equivalents | 405 | (418) | 959 | (3,282) | 1,564 |
Effect of exchange rate changes on cash | (85) | 64 | (451) | 127 | (814) |
Change in cash and cash equivalents | 320 | (354) | 508 | (3,155) | 750 |
Free cash flow (D=A+B+C) | 50 | 1,015 | 1,073 | 1,023 | 4,299 |
Appendix 1: Product shipments by region1
(000'kt) | 3Q 23 | 2Q 23 | 3Q 22 | 9M 23 | 9M 22 |
Flat | 1,938 | 2,046 | 1,743 | 6,192 | 5,354 |
Long | 667 | 667 | 676 | 2,025 | 2,081 |
NAFTA | 2,527 | 2,604 | 2,339 | 7,974 | 7,248 |
Flat | 2,328 | 2,363 | 1,519 | 6,431 | 4,909 |
Long | 1,283 | 1,234 | 1,345 | 3,734 | 4,034 |
Brazil | 3,599 | 3,583 | 2,837 | 10,119 | 8,877 |
Flat | 4,483 | 5,049 | 4,978 | 15,000 | 16,636 |
Long | 1,945 | 2,068 | 1,967 | 6,161 | 6,388 |
Europe | 6,538 | 7,274 | 7,079 | 21,564 | 23,380 |
CIS | 1,052 | 905 | 1,170 | 2,858 | 3,305 |
Africa | 649 | 593 | 503 | 1,842 | 1,662 |
ACIS | 1,698 | 1,497 | 1,675 | 4,695 | 4,964 |
Note: “Others and eliminations” are not presented in the table
Appendix 2: Capital expenditures1
(USDm) | 3Q 23 | 2Q 23 | 3Q 22 | 9M 23 | 9M 22 |
NAFTA | 72 | 122 | 97 | 309 | 299 |
Brazil | 243 | 215 | 154 | 625 | 367 |
Europe | 409 | 350 | 242 | 1,110 | 640 |
ACIS | 103 | 117 | 135 | 326 | 332 |
Mining | 207 | 204 | 128 | 579 | 290 |
Others | 131 | 52 | 28 | 214 | 40 |
Total | 1,165 | 1,060 | 784 | 3,163 | 1,968 |
Appendix 3: Debt repayment schedule as of September 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 | 0.2 | — | — | — | — | 0.9 |
Other loans | 0.3 | 0.4 | 0.6 | 0.2 | 0.5 | 0.9 | 2.9 |
Total gross debt | 1.0 | 1.5 | 1.6 | 1.2 | 1.7 | 3.5 | 10.5 |
Appendix 4: Reconciliation of gross debt to net debt
(USD million) | Sept 30, 2023 | Jun 30, 2023 | Dec 31, 2022 |
Gross debt | 10,543 | 10,460 | 11,650 |
Less: Cash and cash equivalents | (6,289) | (5,943) | (9,414) |
Net debt | 4,254 | 4,517 | 2,236 |
Net debt / LTM EBITDA | 0.6 | 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.
FFR: refers to Fatality Frequency Rate and is calculated on the number of fatalities per 1,000,000 worked hours.
Free cash flow (FCF): refers to net cash provided by operating activities less capex less dividends paid to minority shareholders
Gross 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: refers to 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 income
On-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).
PSIF: PSIFs are precursors of severe accidents: unsafe situations or events, that we detect proactively, before they could lead to a fatality or injury.
Shares outstanding fully diluted basis: refers to shares outstanding (shares issued less treasury shares) plus shares underlying Mandatorily Convertible Subordinated Notes ("MCNs") which were converted into shares in May 2023.
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
Third quarter 2023 earnings analyst conference call
Mr. Lakshmi Mittal and Aditya Mittal will host a conference call for members of the investment community to present and comment on the three-month period ended September 30, 2023 on: Thursday November 9, 2023, at 9.30am US Eastern time; 14.30pm London time and 15.30pm CET.
Webcast link: https://interface.eviscomedia.com/player/1153/
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=9165166&linkSecurityString=120bf1d2de
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: https://corporate.arcelormittal.com/
Enquiries
ArcelorMittal 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
6 November 2023, 14:10 CET
ArcelorMittal today announces the publication of its third quarter 2023 sell-side analysts’ consensus figures.
The consensus figures are based on analysts’ estimates recorded on an external web-based tool provided and managed by an independent company, Visible Alpha.
To arrive at the consensus figures below, Visible Alpha has aggregated the expectations of sell-side analysts who, to the best of our knowledge, cover ArcelorMittal on a continuous basis.
The listed analysts follow ArcelorMittal on their own initiative and ArcelorMittal is not responsible for their views. ArcelorMittal is neither involved in the collection of the information nor in the compilation of the estimates.
3Q’23 consensus estimates
Number of sell-side analyst participation: 10 brokers
The sell-side analysts who cover ArcelorMittal and whose estimates are included in the 3Q’23 group consensus outlined above are the following:
Disclaimer
Estimates based on Visible Alpha consensus dated 27.10.23. The disclaimer is:
The information provided by Visible Alpha cited herein is provided “as is” and “as available” without warranty of any kind. Use of any Visible Alpha data is at a user’s own risk and Visible Alpha disclaims any liability for use of the Visible Alpha data. Although the information is obtained or compiled from reliable sources Visible Alpha neither can nor does guarantee or make any representation or warranty, either express or implied, as to the accuracy, validity, sequence, timeliness, completeness or continued availability of any information or data, including third-party content, made available herein. In no event shall Visible Alpha be liable for any decision made or action or inaction taken in reliance on any information or data, including third-party content. Visible Alpha further explicitly disclaims, to the fullest extent permitted by applicable law, any warranty of any kind, whether express or implied, including warranties of merchantability, fitness for a particular purpose and non-infringement.
The consensus estimate is based on estimates, forecasts and predictions made by third party financial analysts, as described above. It is not prepared based on information provided or checked by ArcelorMittal and can only be seen as a consensus view on ArcelorMittal's results from an outside perspective. ArcelorMittal has not provided input on these forecasts, except by referring to past publicly disclosed information. ArcelorMittal does not accept any responsibility for the quality or accuracy of any individual forecast or estimate. This web page may contain forward-looking statements based on current assumptions and forecasts made by ArcelorMittal or third parties. Various known and unknown risks, uncertainties and other factors could lead to material differences between ArcelorMittal's actual future results, financial situation, development or performance, and the estimates given here. These factors include those discussed in ArcelorMittal's periodic reports available on http://corporate.arcelormittal.com/.
Additional share buyback disclosure
The Company has also provided additional share buyback information on the Companies website summarising the latest share buyback transactions and provides a model for the latest weighted average per share data. This information is updated each quarter shortly after quarter close.
Link as follows: ArcelorMittal share status as of 30 Sept, 2023
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
6 November 2023, 11:00 CET
ArcelorMittal (the ‘Company’) announces that on 31 October 2023 it received a shareholding notification from BlackRock, Inc. According to this notification, the following threshold of (potential) voting rights was reached:
This notification is available in the Luxembourg Stock Exchange’s OAM electronic database on www.bourse.lu and on the Company’s website corporate.arcelormittal.com under ‘Investors - Corporate Governance - Shareholding structure’.
This notification is published in reference to the Luxembourg law and the Grand Ducal regulation of 11 January 2008, on transparency requirements for issuers of securities (‘Transparency Law’) in view of a shareholding notification going above or below the 5% of voting rights threshold.
ENDS
28 October 2023, 10:20 CET
ArcelorMittal can confirm that earlier on the 28th October, a tragic accident occurred at its Kostenco coal mine. As at this time, 25 of our employees are confirmed dead with a further 21 still missing. 206 people were safely evacuated to the surface. No words can adequately convey the devastation the company feels following this accident. Everything that can be done to support the families who have lost loved ones through this deeply painful time will be done.
ArcelorMittal can also confirm, as communicated earlier today by the government of Kazakhstan, that the two parties have been in discussions concerning the future of ArcelorMittal Temirtau and recently signed a preliminary agreement for a transaction that will transfer ownership to the Republic of Kazakhstan.
ArcelorMittal is committed to completing this transaction as soon as possible in order to minimise disruption to the greatest extent possible. Both parties are very much focused on an outcome that is in the best interests of the people who work at the steel plant and iron-ore and coal mines, as well as the communities the operations support. Further statements will be made as appropriate.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
4 October 2023, 9:45 CET
ArcelorMittal (the ‘Company’) announces that on 18 and on 19 September 2023 it received shareholding notifications from BlackRock, Inc. According to theses notifications, the following threshold of (potential) voting rights was reached:
These notifications are available in the Luxembourg Stock Exchange’s OAM electronic database on www.bourse.lu and on the Company’s website corporate.arcelormittal.com under ‘Investors - Corporate Governance - Shareholding structure’.
These notifications are published in reference to the Luxembourg law and the Grand Ducal regulation of 11 January 2008, on transparency requirements for issuers of securities (‘Transparency Law’) in view of a shareholding notification going above or below the 5% of voting rights threshold.
ENDS
25 August 2023, 13:00 CET
ArcelorMittal (the ‘Company’) announces that on 25 August 2023 it received a shareholding notification from BlackRock, Inc. According to the notification, the following threshold of (potential) voting rights was reached:
This notification is available in the Luxembourg Stock Exchange’s OAM electronic database on www.bourse.lu and on the Company’s website corporate.arcelormittal.com under ‘Investors - Corporate Governance - Shareholding structure’.
This notification is published in reference to the Luxembourg law and the Grand Ducal regulation of 11 January 2008, on transparency requirements for issuers of securities (‘Transparency Law’) in view of a shareholding notification going above or below the 5% of voting rights threshold.
ENDS
28 July 2023, 16:45 CET
ArcelorMittal (the ‘Company’) has today published its half-year report for the six-month period ended 30 June 2023.
The report is available on http://corporate.arcelormittal.com/ under Investors > Financial reports > Half-year reports, and on the electronic database of the Luxembourg Stock Exchange (www.bourse.lu/).
The report has also been filed on Form 6-K with the U.S. Securities and Exchange Commission (SEC) and is available on http://corporate.arcelormittal.com/ under Investors > Financial reports > SEC filings.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
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:
Strategic update and outlook:
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:
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 ventures
ArcelorMittal 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 Resources
Net 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.
Outlook
Based 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:
Recent developments
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 itabirite iron 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):
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 shareholders
Gross 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 income
On-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
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/
Enquiries
ArcelorMittal 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
18 July 2023, 12:00 CET
ArcelorMittal today announces the publication of its second quarter 2023 sell-side analysts’ consensus figures.
The consensus figures are based on analysts’ estimates recorded on an external web-based tool provided and managed by an independent company, Visible Alpha.
To arrive at the consensus figures below, Visible Alpha has aggregated the expectations of sell-side analysts who, to the best of our knowledge, cover ArcelorMittal on a continuous basis. This is currently a group of approximately 15 brokers.
The listed analysts follow ArcelorMittal on their own initiative and ArcelorMittal is not responsible for their views. ArcelorMittal is neither involved in the collection of the information nor in the compilation of the estimates.
2Q’23 consensus estimates
Number of sell-side analyst participation: 10 brokers
The sell-side analysts who cover ArcelorMittal and whose estimates are included in the 2Q’23 group consensus outlined above are the following:
Disclaimer
Estimates based on Visible Alpha consensus dated 17.07.23. The disclaimer is:
The information provided by Visible Alpha cited herein is provided “as is” and “as available” without warranty of any kind. Use of any Visible Alpha data is at a user’s own risk and Visible Alpha disclaims any liability for use of the Visible Alpha data. Although the information is obtained or compiled from reliable sources Visible Alpha neither can nor does guarantee or make any representation or warranty, either express or implied, as to the accuracy, validity, sequence, timeliness, completeness or continued availability of any information or data, including third-party content, made available herein. In no event shall Visible Alpha be liable for any decision made or action or inaction taken in reliance on any information or data, including third-party content. Visible Alpha further explicitly disclaims, to the fullest extent permitted by applicable law, any warranty of any kind, whether express or implied, including warranties of merchantability, fitness for a particular purpose and non-infringement.
The consensus estimate is based on estimates, forecasts and predictions made by third party financial analysts, as described above. It is not prepared based on information provided or checked by ArcelorMittal and can only be seen as a consensus view on ArcelorMittal's results from an outside perspective. ArcelorMittal has not provided input on these forecasts, except by referring to past publicly disclosed information. ArcelorMittal does not accept any responsibility for the quality or accuracy of any individual forecast or estimate. This web page may contain forward-looking statements based on current assumptions and forecasts made by ArcelorMittal or third parties. Various known and unknown risks, uncertainties and other factors could lead to material differences between ArcelorMittal's actual future results, financial situation, development or performance, and the estimates given here. These factors include those discussed in ArcelorMittal's periodic reports available on http://corporate.arcelormittal.com/.
Additional share buyback disclosure
The Company has also provided additional share buyback information on the Companies website summarizing the latest share buyback transactions and provides a model for the latest weighted average per share data. This information is updated each quarter shortly after quarter close.
Link as follows: ArcelorMittal share status as of 30 June, 2023
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
ArcelorMittal together with the Indian Institute of Technology Madras (IIT Madras) will identify, support and mentor start-ups focused on the most promising industrial decarbonisation technologies in India
11 July 2023
ArcelorMittal today announces that its XCarb™ Innovation Fund is launching an accelerator programme to fund and support the next wave of breakthrough ideas on decarbonisation emerging from India.
Launched in 2021, the XCarb™ Innovation Fund invests in companies developing technologies that hold the potential to accelerate the steel industry’s transition to carbon neutral steelmaking. Its inaugural accelerator programme, launched globally in 2022, received an overwhelmingly positive response. Over 90 start-ups from five different continents submitted applications, with CHAR Technologies, which is developing a high temperature pyrolysis technology that transforms organic waste streams into valuable energy outputs, selected as the winner, securing a $5 million investment in the process.
In recognition of India’s ambition, capabilities and unique challenges in supporting the global energy transition, ArcelorMittal is now launching a dedicated XCarb™ Accelerator Programme targeted at the country’s deep ecosystem of technology start-ups, now recognised as the third largest after the US and China.
For the XCarb™ India Accelerator Programme, ArcelorMittal, collaborating with the Indian Institute of Technology Madras (‘IIT Madras’), whose pedigree in nurturing ideas and mentoring will be applied to support start-ups or early stage companies selected, enabling them to scale their technologies and business models from lab to the market.
The programme will also be supported by ArcelorMittal’s joint venture, AM/NS India, which is actively developing its own decarbonisation strategy and initiatives for lower emissions domestic steel manufacturing. Successful participants will have access to expertise, resources and advice from ArcelorMittal and AM/NS India.
Applicants to the Accelerator Programme will need to be start-ups or early-stage companies with concepts for commercially scalable technologies that hold strong potential to decarbonise steelmaking. Submissions are invited across four distinct technology domains:
The India Accelerator Programme will commence with a three-day workshop at IIT Madras to introduce start-ups to the faculty, followed by a comprehensive 8–10-week mentorship program to prepare finalists for their pitch to the XCarb™ Innovation Fund Investment Committee, chaired by Aditya Mittal, CEO of ArcelorMittal. Finalists can seek an equity investment or a potential research collaboration.
Commenting on the launch, Aditya Mittal, CEO of ArcelorMittal and Chairman of AM/NS India, said:
“Prioritising the reduction of carbon intensity in our steel production remains at the core of our long-term strategy. Our XCarb™ Innovation Fund exists to find the most exciting global ventures focused on steel decarbonisation and India’s record as a technology leader, combined with its efforts to become a climate leader, makes it a natural destination for the fund’s second Accelerator Programme. I am confident that our collaboration with IIT Madras, an institution that epitomises India’s tech prowess, will nurture start-ups and help to provide further impetus to ArcelorMittal and AM/NS India’s decarbonisation initiatives.”
Irina Gorbounova, Head of the XCarb™ Innovation Fund, added:
“We are already making important strides in developing an industry-leading portfolio of decarbonisation technologies but are continuously seeking additional opportunities to expedite our progress. The participants can leverage dual benefits from this platform; ArcelorMittal’s advice and expertise in research and development and IIT Madras’ technical know-how through a commercialisation and business mentorship programme to harness the potential of decarbonisation technologies for the steel industry and the planet on the whole.”
Prof. Krishnan Balasubramanian, Institute Professor and Faculty Director of Gopalakrishnan Deshpande Center for Innovation and Entrepreneurship and Former Dean, IIT Madras, said:
"We at IIT Madras are thrilled to collaborate with ArcelorMittal in mentoring start-ups that are pioneering disruptive technologies that will revolutionise steelmaking, and potentially reduce the industry’s carbon footprint. This partnership allows us to combine our technical expertise, and our long track record of supporting the Lab-to-Market journey of disruptive deep-technologies along with ArcelorMittal's industry excellence, creating a powerful ecosystem to support the growth of these innovative Indian start-ups.”
Applications are due by 31 July 2023; for more information on how to apply for the Programme please visit https://corporate.arcelormittal.com/climate-action/xcarb/xcarb-innovation-fund/xcarb-accelerator-programme
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
Contact information AM/NS India Corporate Communications Vijay Malepu E-mail: Diya Nair E-mail: | Vijay.malepu@amns.in dnair@brunswickgroup.com |
Strategic partnerships established with runners up Carbon Upcycling and D-CRBN
5 July 2023, 12:00 CET
ArcelorMittal (‘the Company’) today announces that CHAR Technologies (traded under YES:TSXV; CTRNF:OTC) has been selected as the winner of its inaugural XCarb™ Accelerator Programme, securing a $5 million investment through ArcelorMittal’s XCarb™ Innovation Fund.
ArcelorMittal launched the XCarb™ Accelerator Programme in mid-2022. The programme – a search for the best companies and brightest breakthrough technologies that hold the potential to accelerate the decarbonisation of the steel industry – received an overwhelmingly positive response, with over 90 start-ups from five different continents submitting applications across seven distinct technology domains1.
The Accelerator Programme winner, Ontario, Canada based CHAR Technologies (‘CHAR’), is developing a high temperature pyrolysis (‘HTP’) technology that transforms organic waste streams into one of two valuable energy outputs: a high-calorific value and hydrogen-rich syngas that can be used as a replacement for natural gas or to make green hydrogen; and biocarbon - made from the remaining solids after the HTP process - which can be used as a biochar fertiliser to improve soil health, a pollutant filter or as biocarbon to replace fossil coal in industrial processes.
ArcelorMittal’s Canadian flat steel operation, ArcelorMittal Dofasco, has been collaborating with CHAR to test the use of its biocarbon as a partial replacement for fossil coal in its steelmaking processes, with encouraging results. CHAR’s biocarbon enables an approximate 91 per cent reduction in greenhouse gas emissions compared to metallurgical coal and has been tested and validated by ArcelorMittal Dofasco since 2021. ArcelorMittal Dofasco has therefore signed a memorandum of understanding with CHAR for the purchase of biocarbon from CHAR’s Thorold, Ontario facility that will enable larger scale trials in the coming years.
Commenting, Irina Gorbounova, Head of the XCarb™ Innovation Fund, said:
“We were delighted with the response to our inaugural Accelerator Programme, receiving high quality entries from many emerging technology companies. Selecting a final three was a tough challenge for our judging panel but I believe we have found a very worthy winner in CHAR.
“I am especially pleased that not only are we investing in them, but we are already working alongside them, testing their product at one of our Canadian steel plants. This is one of the advantages of our Innovation Fund and our unique approach. We provide seed capital of course, but we also provide the industrial infrastructure and R&D collaboration that breakthrough technology companies need to bring their product to market.
“I also want to mention Carbon Upcycling and D-CRBN, both of whom are developing exciting technologies. Their submissions were impressive, and we intend to work closely with them to support their journey as they continue to develop and market their respective technologies.”
Carbon Upcycling and D-CRBN were joint runners-up in the Programme. ArcelorMittal has established strategic partnerships with both companies, with its global research and development teams supporting the development of their technologies, and ArcelorMittal holding the option to invest in the future.
Carbon Upcycling focuses on circularity and carbon reduction in hard-to-abate sectors. Its practical carbon-tech integrates directly into industrial facilities, like steel and cement, to upcycle by-products and mineralize carbon - resulting in zero-carbon cement replacements. D-CRBN has developed a proprietary plasma-based carbon capture and utilisation (CCU) technology which recycles captured CO2 into value added products such as e-fuels, polymers and chemicals.
ArcelorMittal’s XCarb™ Innovation Fund launched in March 2021. Since launch it has invested over $160 million in seven companies that are developing technologies ranging from long-term battery storage to green hydrogen production to CCU, and more. Via the fund, ArcelorMittal is also an anchor partner in the Bill Gates founded Breakthrough Energy’s Catalyst programme, committing $100 million over five years. To learn more about the XCarb™ Innovation Fund and its investments visit https://corporate.arcelormittal.com/climate-action/xcarb/xcarb-innovation-fund.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
1 The seven technology domains are: disruption in steelmaking (processes and technologies); waste to gas or biocarbon; gases reforming / gases transformation technologies; disruptive hydrogen technologies; carbon capture, utilisation and storage; long-term, large-scale energy storage technologies; clean energy technologies.
29 June 2023, 18:00 CET
ArcelorMittal (’the Company’) has today filed its 2022 Payments to Governments in respect of Extractive Industries report, which provides a consolidated overview of payments made by the Company and its subsidiaries in 2022 to governments regarding its mining operations.
The report, which complies with reporting requirements under Luxembourg law, is available for download from https://corporate.arcelormittal.com/corporate-library.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel and mining company, 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 59.0 million metric tonnes, while iron ore production reached 45.3 million metric tonnes. Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
Volteron™ plant targeted to start-up in 2027
14 June 2023, 13:00 CET
ArcelorMittal, the world’s leading steel company, and John Cockerill, a group leading the development of steel processing facilities and electrolysers, today announce plans to construct the world’s first industrial-scale low temperature, iron electrolysis plant. The Volteron™ plant, which in a first phase will produce between 40,000 and 80,000 tonnes a year of iron plates, is targeted 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.
ArcelorMittal and John Cockerill have been working together on an innovative electrochemical process to transform iron oxide into iron plates for the last few years. The successfully completed project, formerly known as SIDERWIN, has to date been publicly funded through the EU’s Horizon 2020 programme. In addition to ArcelorMittal and John Cockerill, project partners have included EDF, Tecnalia, Quantis, University of Aveiro, National Technical University of Athens, Norwegian University of Science and Technology, Dynergie, Recoy, CFD Numerics and Mytilineos. This next phase of the project will be carried forward as an exclusive partnership between ArcelorMittal and John Cockerill.
Volteron™ is a carbon free, cold direct electrolysis process that extracts iron from iron ore using electricity. On a pilot scale plant, the process has proved to be highly efficient using standard iron ore. The iron plates created during the electrolysis process are then processed into steel in an electric arc furnace.
Commenting, Brad Davey, EVP and head of corporate business optimisation, ArcelorMittal, said:
“This is a tremendously exciting development and opportunity for our company. We have been working on direct electrolysis technology for some time given the potential it holds to decarbonise steelmaking. Having now proven our energy efficient, low temperature process at a pilot level, the natural next step for us is to progress to an industrial plant. We intend to achieve this target within four years and be the first in the world to produce steel at scale via low temperature electrolysis.
“It is a significant moment for ArcelorMittal, and for the global steel industry. Direct electrolysis is a disruptive, breakthrough technology. Although the technology needs to mature, it could revolutionise how steel is made, removing carbon entirely from steelmaking. We intend to be pioneers in that process.”
Sébastien Roussel, President of John Cockerill Industry, added:
“As a bicentennial technology leader in steelmaking engineering and current world leader for electrolysis dedicated to hydrogen production, we are extremely proud to develop together with ArcelorMittal a technology that can be a significant contribution to tackling global warming. We are convinced that Volteron™ is the most energy efficient process to produce steel without emitting CO2 and that it will soon become a real game changer for the steelmaking industry.”
Direct electrolysis is one of three decarbonisation technology pathways ArcelorMittal is working on to make net zero steelmaking a reality. The other two are Smart Carbon and Innovative-DRI. The Smart Carbon pathway involves modifying the blast furnace steelmaking route and harnessing clean energy sources including bioenergy and carbon capture and storage, while the Innovative-DRI route involves using hydrogen as a replacement for fossil fuels to make direct reduced iron, a metallic feedstock for steelmaking in an electric arc furnace.
To learn more about ArcelorMittal’s climate action targets, ambitions and projects visit https://corporate.arcelormittal.com/climate-action.
To learn more about John Cockerill’s climate action technologies, watch https://youtu.be/LPqrgK7FW9I.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
About John Cockerill
Driven since 1817 by its founder's entrepreneurial spirit and thirst for innovation, John Cockerill develops large-scale technological solutions to meet the needs of its time: facilitating access to fossil free energies, enabling responsible industrial production, preserving natural resources, contributing to greener mobility and enhancing security. Today the Group is a key player in the energy transition and the circular economy offering companies, states and local authorities services and associated equipment for the energy, defense, industry, environment, transport and infrastructure sectors. With over 6,500 employees, John Cockerill achieved in 2022 a turnover of €1.1 billion in 23 countries, on 5 continents.
For more information about John Cockerill please visit: www.johncockerill.com
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
Contact Information John Cockerill Corporate Communications | |
Caroline Crevecoeur | |
Tel: | +32 475 30 20 09 |
E-mail: | caroline.crevecoeur@johncockerill.com |
19 May 2023, 18:45 CET
ArcelorMittal (‘the Company’) announces that upon mandatory conversion of the 24,290,025 outstanding 5.50% Mandatorily Convertible Subordinated Notes due 18 May 2023, it delivered a total of 57,057,991 treasury shares on 19 May 2023.
The Company’s updated shareholding structure is available on https://corporate.arcelormittal.com/investors/corporate-governance/shareholding-structure.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
5 May 2023, 12:00 CET
Following publication of the first quarter 2023 results press release dated 4 May 2023 (the ‘ER Press Release’)1, ArcelorMittal (the ‘Company’) announces 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 2 May 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:
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
2 May 2023, 15:15 CET
The Annual General Meeting and Extraordinary General Meeting (‘General Meetings’) of shareholders of ArcelorMittal (‘the Company’) held today in Luxembourg approved all resolutions by a strong majority.
Over 75% of the voting rights were represented at the General Meetings. The detailed results of the votes will be posted shortly on www.arcelormittal.com under ‘Investors > Equity Investors > Shareholders’ meetings > General Meetings of shareholders, 2 May 2023’ where the full documentation regarding the General Meetings is available.
In particular, the shareholders:
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
28 April 2023, 17:30 CET
ArcelorMittal (the ‘Company’) announces that 25 million treasury shares have been cancelled today to keep the number of treasury shares the Company holds within appropriate levels. This cancellation takes into account shares already purchased under the 60,431,380 shares buyback announced on 29 July 2022 which completed on 31 March 2023.
As a result of this cancellation, ArcelorMittal will have 852,809,772 shares in issue (compared to 877,809,772 before the cancellation). As the cancelled shares were already held in treasury on the record date (18 April 2023) for the Annual and Extraordinary General Meetings taking place on 2 May 2023 (the ‘General Meetings’), by law the impact on the quorum calculation for the General Meetings is nil.
Details on share buyback programs can be found at: https://corporate.arcelormittal.com/investors/equity-investors/share-buyback-program.
With reference to article 14 of the Luxembourg law and the Grand Ducal regulation of 11 January 2008, on transparency requirements for issuers of securities (‘Transparency Law’), the total number of the Company’s voting rights and capital is available in the Luxembourg Stock Exchange’s electronic database OAM on www.bourse.lu and on the Company’s website under ‘Investors - Corporate Governance - Shareholding structure’.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
27 April 2023, 20:05 CET * correction
ArcelorMittal (the ‘Company’) announces that on 25 April 2023 it received a shareholding notification from BlackRock, Inc. According to the notification, the following threshold of (potential) voting rights was reached:
This notification is available in the Luxembourg Stock Exchange’s OAM electronic database on www.bourse.lu and on the Company’s website corporate.arcelormittal.com under ‘Investors - Corporate Governance - Shareholding structure’.
This notification is published in reference to the Luxembourg law and the Grand Ducal regulation of 11 January 2008, on transparency requirements for issuers of securities (‘Transparency Law’) in view of a shareholding notification going above or below the 5% of voting rights threshold.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
26 April 2023, 16:05 CET
ArcelorMittal (the ‘Company’) announces that on 25 April 2023 it received a shareholding notification from BlackRock, Inc. According to the notification, the following threshold of (potential) voting rights was reached:
This notification is available in the Luxembourg Stock Exchange’s OAM electronic database on www.bourse.lu and on the Company’s website corporate.arcelormittal.com under ‘Investors - Corporate Governance - Shareholding structure’.
This notification is published in reference to the Luxembourg law and the Grand Ducal regulation of 11 January 2008, on transparency requirements for issuers of securities (‘Transparency Law’) in view of a shareholding notification going above or below the 5% of voting rights threshold.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
26 April 2023, 14:30 CET
ArcelorMittal (‘the Company’) has today published its 2022 integrated annual review.
The review, which can be accessed here - annualreview2022.arcelormittal.com - underpins the Company’s commitment to transparent reporting and is a key pillar in our commitment to engage stakeholders and communicate our financial and non-financial performance. It provides an overview of the Company’s performance in 2022, outlines progress against its strategic priorities, and details its short- and long-term goals and current action plans.
We strive to reflect the guiding principles of the most respected and influential organisations and frameworks. In our 2022 review, we have started to align our reporting with the concepts and principles set out by the Corporate Sustainability Reporting Directive (CSRD). We have also considered the recommendations and principles of the Task Force on Climate-related Financial Disclosures (TCFD) in preparing our integrated reporting. Our aim is to show our stakeholders how we are organised and how our management systems are set up to meet the requirements (governance), what improvements we are making to respond to changes (strategic actions), what the challenges and opportunities are to deliver the strategy (risk management) and measurable progress we have been making to achieve the strategic objectives (performance). The result, we believe, is a more structured, direct and balanced review.
The review, entitled ‘Driving forward’ is structured in seven main chapters:
Key new disclosures include:
Commenting, Aditya Mittal, CEO, ArcelorMittal, said:
“It is increasingly difficult to characterize a year in one or two sentences, reflecting the dynamic, complex world we live in. This was even more marked in 2022 where at ArcelorMittal we celebrated several significant strategic milestones while simultaneously having to manage a major asset through the realities of war.
“ArcelorMittal’s purpose is ‘Smarter steels for people and planet’. The events in Ukraine certainly focused our attention on our people. We did whatever we could to support them and the humanity and generosity from our people across the group came to the fore.
“Alongside challenges of this magnitude, it was also a year of good progress, with important milestones achieved and the financial strength of the company clearly apparent. We are confident that steel is not only going to remain in high demand, but that demand is going to grow. That represents an exciting opportunity – but we must understand what our stakeholders want from the materials of the future. More yes, but not more of the same. Steel yes, but low-carbon and ultimately near-zero steel.
“It is undoubtedly a major transition. But one in which we are confident steel, and ArcelorMittal, will have the opportunity to thrive. We have a vision to lead the decarbonisation of the steel industry and have worked hard to give our stakeholders greater insight into all aspects of our decarbonization journey. It is a matter of fact that some regions will move faster than others. But we have now commissioned our first carbon capture and utilization plant, broken ground on a new DRI-EAF investment that will replace existing blast furnaces – and announced several acquisitions in the areas of low-carbon metallics and renewable energy. I hope in 2023 we will see further policy evolution that helps accelerate the road to near-zero steelmaking.
“We are very clear that we cannot consider ourselves the world’s leading steel company if we are not also the safest. We know where we stand today, and we know we have a lot of work to do. We are implementing a dual-pronged strategy focused on the two fundamental safety pillars of culture and risk. Every asset has been assessed and is developing best-in-class plans to deliver improvement along the Bradley curve. I am quietly optimistic we will be able to demonstrate meaningful progress this year.
“Ultimately it is our people that enable us to succeed. It is therefore vital we continue to attract the brightest, smartest talent to our company. In pursuit of this, last year we launched a new people strategy based on leadership that inspires excellence, talent to thrive for the future, and diversity and inclusion that engages everyone. Steel has for decades helped improve people’s lives through the products it helps make. Increasingly, given its natural circular properties and its potential to ultimately be produced with near-zero carbon emissions, it has a great opportunity to also contribute to a better, healthier, planet. That is what drives us every day.”
Lakshmi Mittal, Executive Chairman, ArcelorMittal, added:
“This report provides an overview of the Company’s performance, not just financially, but against our broader strategic priorities and our sustainability goals. In this respect it takes account of our focus on safety, our actions to reduce carbon emissions, our people values, and our concerted efforts to working sustainably within the natural environment, and with our local communities and society at large.
“Against an increasingly challenging global backdrop, the Company delivered a strong performance in 2022, generating Ebitda of $14.2 billion and continuing to invest strategically and responsibly to both capture opportunities and address the challenges facing us. We ended the year with a record low net debt of $2.2 billion (versus $4.0 billion at the end of 2021). Our business is stronger and more resilient than at any time during my five decades in the industry.
“As we transition to a more sustainable, circular world, steel has a central role to play in delivering low-carbon, long-lasting and ultimately re-usable infrastructure for the new economy. To achieve this, we must understand what our stakeholders want from the materials of the future, and how we can minimise and mitigate their impacts. This report demonstrates that we take those challenges seriously and are planning for a sustainable future”.
The company has also today published its 2022 Fact Book that is available here - https://corporate.arcelormittal.com/media/pfwpkrrw/arcelor-mittal-fact-book-2022.pdf
25 April 2023, 12:30 CET
ArcelorMittal (‘the Company’) today announces the publication of its first quarter 2023 sell-side analysts’ consensus figures.
The consensus figures are based on analysts’ estimates recorded on an external web-based tool provided and managed by an independent company, Visible Alpha.
To arrive at the consensus figures below, Visible Alpha has aggregated the expectations of sell-side analysts who, to the best of our knowledge, cover ArcelorMittal on a continuous basis. This is currently a group of approximately 15 brokers.
The listed analysts follow ArcelorMittal on their own initiative and ArcelorMittal is not responsible for their views. ArcelorMittal is neither involved in the collection of the information nor in the compilation of the estimates.
1Q’23 consensus estimates
Number of sell-side analyst participation: 11 brokers
The sell-side analysts who cover ArcelorMittal and whose estimates are included in the 1Q’23 group consensus outlined above are the following:
Disclaimer
Estimates based on Visible Alpha consensus dated 24.04.23. The disclaimer is:
The information provided by Visible Alpha cited herein is provided “as is” and “as available” without warranty of any kind. Use of any Visible Alpha data is at a user’s own risk and Visible Alpha disclaims any liability for use of the Visible Alpha data. Although the information is obtained or compiled from reliable sources Visible Alpha neither can nor does guarantee or make any representation or warranty, either express or implied, as to the accuracy, validity, sequence, timeliness, completeness or continued availability of any information or data, including third-party content, made available herein. In no event shall Visible Alpha be liable for any decision made or action or inaction taken in reliance on any information or data, including third-party content. Visible Alpha further explicitly disclaims, to the fullest extent permitted by applicable law, any warranty of any kind, whether express or implied, including warranties of merchantability, fitness for a particular purpose and non-infringement.
The consensus estimate is based on estimates, forecasts and predictions made by third party financial analysts, as described above. It is not prepared based on information provided or checked by ArcelorMittal and can only be seen as a consensus view on ArcelorMittal's results from an outside perspective. ArcelorMittal has not provided input on these forecasts, except by referring to past publicly disclosed information. ArcelorMittal does not accept any responsibility for the quality or accuracy of any individual forecast or estimate. This web page may contain forward-looking statements based on current assumptions and forecasts made by ArcelorMittal or third parties. Various known and unknown risks, uncertainties and other factors could lead to material differences between ArcelorMittal's actual future results, financial situation, development or performance, and the estimates given here. These factors include those discussed in ArcelorMittal's periodic reports available on http://corporate.arcelormittal.com/.
Additional share buyback disclosure
The Company has also provided additional share buyback information on the Company’s website summarizing the latest share buyback transactions and provides a model for the latest weighted average per share data. This information is updated each quarter shortly after quarter close.
Link as follows: ArcelorMittal share status as of 31 March, 2023
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
JV to construct a 554MW wind power project
18 April 2023, 08:00 CET
ArcelorMittal (‘the Company’) today announces that its Brazilian entity, ArcelorMittal Brazil, will form a joint venture partnership (‘JV’) with Casa dos Ventos, one of Brazil’s largest developers and producers of renewable energy projects, to develop a 554 MW wind power project. ArcelorMittal Brazil will hold a 55 per cent stake in the JV, with Casa dos Ventos holding the remaining 45 per cent. The transaction was approved by the Brazilian antitrust authority, CADE, on 13 April and will be completed within the next 15 days.
The c. $0.8 billion project aims to secure and decarbonise a considerable proportion of ArcelorMittal Brazil’s future electricity needs. It is estimated it will provide 38 per cent of ArcelorMittal’s Brazil’s total electricity needs in 2030. The JV will be equity accounted and ArcelorMittal’s total equity investment will be c. $0.15 billion.
Commenting, Aditya Mittal, CEO, ArcelorMittal, said:
“The recent acquisition of CSP immediately enhances our presence in the high-growth Brazilian market and provides us with exciting future options. As we expand our presence and add value to our Brazilian franchise we are conscious of the responsibility we have to decarbonise our operations. By collaborating with a respected energy transition operator in Casa dos Ventos, we can take advantage of the favourable Brazilian climate for renewable energy generation and make faster progress towards our climate targets.
“As well as making climate sense, this project makes financial and operational sense. It reduces electricity costs and provides energy security to our Brazilian business and will deliver consistent, attractive long-term returns.”
Jefferson de Paula, President, ArcelorMittal Brazil, added:
“In addition to the recent acquisition of CSP, we have several downstream organic growth projects underway that expand out footprint and enhance our ability to produce higher added value products. These expansion plans will lead to a natural increase in our energy requirements. This project will help to prepare us for the future, ensuring we secure our long-term energy requirements in a responsible, sustainable and cost-effective manner.”
The Babilonia project will be located in the central region of Bahia, north-east Brazil. The site location has been selected due to several competitive advantages, including high-capacity forecast load factors (in excess of 50 per cent) and a short distance (23 km) to connect to the national electricity grid. There is also the potential to expand the capacity of the project by adding a further 100 MW of solar power. The project is currently at an environmental and regulatory permitting stage, with construction work anticipated to start later this year and operational commissioning in 2025. ArcelorMittal Brazil will enter a 20-year power purchase agreement with the JV for the supply of electricity.
The Babilonia project is the third strategic renewable energy partnership ArcelorMittal has established in the past year. In March 2022, the Company announced a partnership with the Greenko group in India to develop a ‘round the clock’ energy project with 975MW of solar and wind capacity. The project will feed ArcelorMittal’s Indian steelmaking joint venture, AM/NS India, supplying over 20 per cent of its electricity requirements and reducing its annual carbon emissions by approximately 1.5 million tonnes a year. In Argentina, ArcelorMittal has developed a partnership with PCR for a 130MW solar and wind capacity project that supplies over 30 per cent of ArcelorMittal’s local electricity requirements.
More details on ArcelorMittal’s climate action ambitions, strategy, technologies and ongoing decarbonisation projects can be found here.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
3 April 2023, 19.30 CET
ArcelorMittal (the ‘Company’) today announces that it has completed the 60,431,380 shares buyback program it announced on 29 July 2022 under the authorization given by the annual general meeting of shareholders of 4 May 2022.
By market close on 31 March 2023, ArcelorMittal had repurchased 60,431,380 shares. All details are available on the Company’s website at: https://corporate.arcelormittal.com/investors/equity-investors/share-buyback-program
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
31 March 2023, 18:00 CET
ArcelorMittal has published the statutory financial statements of ArcelorMittal parent company for the year ended 31 December 2022.
These financial statements have been filed with the electronic database of the Luxembourg Stock Exchange (www.bourse.lu) and are available on http://corporate.arcelormittal.com in the Corporate Library.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
31 March 2023, 08:00 CET
ArcelorMittal (the ‘Company’) announces the publication of the convening notice for its Annual General Meeting and Extraordinary General Meeting of shareholders (the ‘General Meetings’), which will be held on 2 May 2023 at 14:00 CET at the Company’s registered office, 24-26, boulevard d’Avranches, L-1160 Luxembourg, Grand-Duchy of Luxembourg.
The ArcelorMittal shareholders entitled to vote at the Annual General Meetings will be those who are shareholders on the record date of 18 April 2023 at midnight (24:00 hours CET) (the ‘Record Date’).
The convening notice, the Annual Report 2022, the Form 20F 2022, the voting forms and all other meeting documentation will be available on ArcelorMittal's website www.arcelormittal.com under Investors – Equity investors – Shareholders events – AGM – General Meetings of shareholders, 2 May 2023. Shareholders may obtain a soft copy of the Annual Report 2022 (in English) by making a request by e-mail to privateinvestors@arcelormittal.com unless they specify that they would like to receive free of charge a hard copy by mail (in which case they should provide the relevant postal address) or at the Company’s registered office.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
31 March 2023, 07:00 CET
ArcelorMittal (‘the Company’) today announces that AMNS Luxembourg Holding S.A., the parent company of AM/NS India, the Company’s 60/40 steelmaking joint venture with Nippon Steel Corporation in India, has entered into a $5 billion loan agreement (‘JBIC co-financing loan’) with the Japan Bank for International Cooperation (‘JBIC’), MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Limited, Mizuho Bank, Ltd., Mizuho Bank Europe N.V..
The proceeds obtained through the JBIC co-financing loan will be used to finance the expansion of AM/NS India’s annual steelmaking capacity at its Hazira plant from 9 million tonnes to 15 million tonnes. In addition to the primary steelmaking capacity expansion, the project includes the development of downstream rolling and finishing facilities that will enhance AM/NS India’s ability to produce value-added steels for sectors including defence, automotive and infrastructure. The expansion project, which started in October last year upon receipt of environment permitting, will create more than 60,000 jobs.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel company, 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 50.9 million metric tonnes.
Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. 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/
Contact information ArcelorMittal Investor Relations | |
General | +44 20 7543 1128 |
Retail | +44 20 3214 2893 |
SRI | +44 20 3214 2801 |
Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
Contact information ArcelorMittal Corporate Communications | |
Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |