ArcelorMittal Q1 Results Down; Remains Positive On Medium/long-term Steel Demand Outlook

(RTTNews) - Steel and mining major ArcelorMittal S.A. (MT) Thursday reported that its first-quarter net income attributable to equity holders of the parent fell to $938 million from last year's $1.10 billion.

Basic earnings per share were $1.16, down from $1.28 a year ago.

Operating income declined to $1.07 billion from last year's $1.19 billion. EBITDA also was down to $1.96 billion from $2.14 billion in the prior year.

Sales for the quarter declined to $16.28 billion from last year's $18.50 billion.

Crude steel production was 14.4 million tonnes, steel shipments were 13.5 million tonnes and total Group iron ore production was 10.2 million tonnes, all lower than last year.

Further, the company said it will continue to return a minimum 50 percent of post-dividend FCF to shareholders through its share buyback programs. The $0.50/share base dividend for 2023 will be paid in 2 equal installments in June 2024 and December 2024.

Looking ahead, ArcelorMittal said it remains positive on the medium/long-term steel demand outlook and believes that it is optimally positioned to execute its strategy of growth with capital returns.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.