According to the results of the first half of 2024, the global metallurgical company ArcelorMittal reduced its net profit by 51.2% compared to the same period in 2023 – to $1.44 billion. This is stated in the financial report published on the company’s website.

The company’s EBITDA (earnings before interest, taxes and depreciation) for January-June decreased by 25.7% y/y – up to $3.82 billion. Operating income was $2.12 billion, which is 32.1% less y/y.

ArcelorMittal’s revenue for the first half of the year decreased by 12.3% compared to January-June 2023 – to $32.53 billion.

During Q2 2024, the company’s net profit decreased by 46.3% compared to the previous quarter, and by 72.9% compared to the II quarter of 2023 – to $504 million. EBITDA for the quarter was $1.86 billion, which is 4. 9% less q/q and 37.9% y/y. Revenue decreased by 0.2% q/q and 12.7% y/y.

In 2023, ArcelorMittal reduced steel production by 1.5% compared to 2022 to 58.1 million tons. Iron ore production last year decreased by 7.3% compared to 2022 to 42 million tons.

ArcelorMittal is a leading global steel and mining company with presence in 60 countries and production assets in 18 countries.