ArcelorMittal Q1 net income falls 74% to $1,096mn

Global steel giant ArcelorMittal on Thursday posted a 74.43 per cent fall in its net income at $1,096 million for the first quarter ended March 31, 2022. It had posted a net income of $4,125 million for the year-ago quarter, the company said in a statement. ArcelorMittal is the world's largest integrated steel and mining company. It follows the January-December fiscal year. “ArcelorMittal recorded a net income in 1Q 2023 of $1,096 million as compared to $261 million in 4Q 2022 and $4,125 million for 1Q 2022,” the Luxembourg-based firm said.

The company ended the March 2023 quarter with a net debt of $5.2 billion. It had a net debt of $3.2 billion as of March 31, 2022. On capex, the company said $0.9 billion in Q1 is in line with its full-year guidance of within the range of $4.5 billion-$5 billion.

ArcelorMittal Chief Executive Officer Aditya Mittal said, “market conditions improved as anticipated in the first quarter, with the end of customer destocking supporting apparent steel consumption growth and a rebound in steel spreads.”