ArcelorMittal Q1 Results: Net income falls over 73% to $1,096 million

ArcelorMittal, the world’s largest integrated steel and mining company, reported a 74.43% YoY fall in net income at USD 1.1 billion for the Q1 2023 ended March 31, 2022. Market conditions improved as anticipated, with rebounding steel spreads contributing to higher EBITDA per tonne, said ArcelorMittal CEO Aditya Mittal. However, its crude steel production declined to 14.5 MT in Q1 2023 from 16.3 MT in the same period in 2022. Sales of USD 18.5 billion were also lower than USD 21.8 billion in the year-ago period. The company’s net debt increased to USD 5.2 billion from USD 3.2 billion as of March 31, 2022.