ArcelorMittal reported Q3 financial results for the year 2024. However, the company stated a decrease in the third quarter as a result of increased imports.
The company's consolidated steel shipments in Q3 of this year decreased by 2% y/y to 13.4 million tonnes, whereas crude steel production decreased by 3% y/y to 14.8 million tonnes. Meanwhile, sales decreased by 9% to USD 15.2. The net income of the main shareholders decreased by 69% to USD 287 million, excluding impairments and exceptional items, and revenue decreased by 47% to USD 488 million. EBITDA decreased 26% to USD 1.58 billion.
The company reported a loss of USD 36 million in its third quarter profit caused by the closure of the coke oven battery in Krakow. The company also encountered an additional cost of USD 74 million resulting from refurbishment activities at this plant. The company's EBITDA was under pressure from the weak financial results in North America and Europe, partially offset by higher volumes and lower costs in the Brazil segment.
The company noted once again that China's excess demand has led to a very low domestic steel rate and heavy exports, causing most mills to record losses, whereas global demand is still weak as customers remain cautious and restocking activities are yet to start,
ArcelorMittal CEO Aditya Mittal stated that economic sentiment remains weak, however, the Group delivered a resilient financial performance, reinforcing its structural strength.
Aditya Mittal emphasized that apparent demand is expected to be stronger in the second half of this year when compared to 2023 and stock levels are low. “The increased level of imports into Europe is a concern and stronger trade measures are urgently required to address this. Similarly, the CBAM needs further strengthening to ensure it fulfills its aim of ensuring European steelmakers can remain competitive versus higher-emissions imports,” he concluded.
Steel shipments decreased by 4% y/y to 40.7 million tonnes in September, while crude steel production decreased by 1% to 43.9 million tonnes. Sales decreased 11% to USD 47.7 billion, while net income decreased 55% to USD 1.7 billion and 51% to USD 1.9 billion on an adjusted basis.
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