Link Securitites | The company achieved a turnover of $18.501 billion in 1Q2024, 12% lower than in 1Q2023, EFE reported yesterday. In turn, ArcelorMittal achieved operating cash flow or EBITDA in 1Q2024 of $1,956 million, 8.6% lower than in the same period of 2023. Finally, the group’s attributable net profit amounted to $ 938 million (€875 million) in 1Q2024, 14.4% lower than in 1Q2023.
It should also be noted that the company’s net debt at the end of 1Q2024 was $4.8 billion, compared to $2.9 billion at the end of 2023. However, ArcelorMittal noted that its net debt has been reduced in the last twelve months by $400 million, despite strategic capital expenditures of $1.6 billion and shareholder dividends totalling $1.7 billion. For the steel group, this debt reduction “underscores the company’s strong cash-generating capacity”.
The firm’s CEO, Aditya Mittal, remarked that he expects global steel demand, excluding China, to grow by 3-4% this year, “even though overall economic confidence remains weak”, while stating that the company “is well positioned to benefit from this improvement”. Aditya Mittal pointed to an “exciting” portfolio of growth projects, including a 1 gigawatt (GW) renewable energy project in India and another in Brazil, which it expects to start operations in the first half of the year. In this regard, he said that maintaining its position as a leading supplier of low-carbon steels is a clear priority and the planned upgrade of Sestao and the new electric furnace in Gijón will be breakthroughs imminently with an important role to play for both.
