Global steel giant ArcelorMittal has announced its financial results for the fourth quarter, reporting a net loss of $2.966 billion. This decline in ArcelorMittal's net profit has been attributed to lower steel prices affecting the company's earnings.
Compared to the same period last year when the company recorded a net income of $261 million, these quarterly results indicate a significant decrease.
Despite challenging market conditions, ArcelorMittal reported an increase in steel production, reaching 13.7 million metric tons (MT) compared to 13.2 MT in the previous year.
In terms of steel shipments, the company delivered a total of 13.3 MT during the December quarter of 2023, showing an increase from 12.6 MT recorded in the same period in 2022.
ArcelorMittal's performance in the fourth quarter highlights the ongoing fluctuations in the steel industry, influenced by factors such as fluctuating demand and pricing dynamics. As the company strives to maintain its position as a leading player in the global steel market, it continues to navigate through these challenges.
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