ArcelorMittal: sharp drop in quarterly profits
(CercleFinance.com) - ArcelorMittal announces that its sales reached $15.
19bn in Q3, down 8.5% y-o-y.
Q3 EBITDA fell from $2.15bn to $1.58bn, while operating income was almost halved, from $1.2bn to $663m.
Adjusted net income followed the same trajectory, falling from $929m a year ago to $488m in Q3 2024, down 47%.
Adjusted EPS contracted in similar proportions (i.e. -43%), to $0.63.
The group reports that its total iron ore production reached 10.1 million tonnes in Q3, down 5.6%, while steel deliveries were down 2.2%, to 13.4 million tonnes.
Economic sentiment remains subdued, but we have delivered a resilient financial performance, reinforcing the Group's structural strength. Apparent demand is expected to be stronger in the second half of this year compared with 2023, and inventory levels are low, indicating that replenishment will take place when real demand recovers', commented CEO Aditya Mittal.
Finally, the company notes that the completion of its strategic growth projects should generate additional EBITDA and investable cash flow 'over the coming periods'.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
19bn in Q3, down 8.5% y-o-y.
Q3 EBITDA fell from $2.15bn to $1.58bn, while operating income was almost halved, from $1.2bn to $663m.
Adjusted net income followed the same trajectory, falling from $929m a year ago to $488m in Q3 2024, down 47%.
Adjusted EPS contracted in similar proportions (i.e. -43%), to $0.63.
The group reports that its total iron ore production reached 10.1 million tonnes in Q3, down 5.6%, while steel deliveries were down 2.2%, to 13.4 million tonnes.
Economic sentiment remains subdued, but we have delivered a resilient financial performance, reinforcing the Group's structural strength. Apparent demand is expected to be stronger in the second half of this year compared with 2023, and inventory levels are low, indicating that replenishment will take place when real demand recovers', commented CEO Aditya Mittal.
Finally, the company notes that the completion of its strategic growth projects should generate additional EBITDA and investable cash flow 'over the coming periods'.
Copyright (c) 2024 CercleFinance.com. All rights reserved.