ArcelorMittal said on Thursday that global steel demand excluding China will grow between 2 per cent and 3 per cent in 2023 and it maintained its expectation that its own shipments will increase by around 5 per cent this year.
The Luxembourg-based company said Thursday its first-quarter core profit (EBITDA), the figure most watched by the market, was $1.82 billion, much lower than the previous year's figure of $5.08 billion but higher than the average estimate in a company survey of $1.64 billion.
ArcelorMittal said it benefited from a gradual recovery in steel demand, resulting in a marked increase in steel consumption and a recovery in steel margins, as well as better mining performance.
"The first quarter developed as we expected. Geopolitical and economic uncertainty persists, but ArcelorMittal continues to demonstrate its ability to perform in all market conditions, which bodes well for the remainder of this year," the company said.
The company said it will pay a dividend of $0.44 per share in two instalments in June and December and buy back up to 85 million shares by 2025.
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