Luxembourg, November 9, 2023 - ArcelorMittal (referred to as “ArcelorMittal” or the “Company” or the
"Group") (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading integrated steel
and mining company, today announced results1
for the three-month and nine-month periods ended
September 30, 2023.
Commenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said:
"On October 28, 2023, we suffered a catastrophic accident at the Kostenko coal mine in Kazakhstan that took
the lives of 46 colleagues. We mourn their passing and deeply regret the devastation caused to the families of
the victims. We are doing everything in our power to support them, and our communities at this difficult time.
The only course of action is to ensure that we take a hard look inside our Group, identify the gaps that exist
and strengthen our safety actions, processes and culture to ensure that we prevent all serious accidents. For
this reason, we are commissioning a comprehensive independent 3rd party safety audit, the key
recommendations of which will be published in due course.
We are committed to learning from this tragedy and taking the appropriate action so that we emerge a better,
safer Company.”
3Q'23 financial results:
• 3Q 2023 was impacted by a negative price-cost effect and a -3.7% sequential decrease in steel
shipments to 13.7Mt (scope adjusted2
-4.3% lower vs. 3Q 2022), resulting in a decline in operating
income to $1.2bn in 3Q 2023 (vs. $1.9bn in 2Q 2023)5
• Despite the challenging market environment, the Company continues to demonstrate structurally
improved profitability: EBITDA of $1.9bn in 3Q 2023 (vs. $2.6bn in 2Q 2023); EBITDA/t was $136/t, well
above the longer-term historical averages for the Group, reflecting the benefits of portfolio optimization
and strategic projects
• Similarly, net income remains well above longer term historical averages at $0.9bn in 3Q 2023 (vs. $1.9bn
in 2Q 2023) reflecting the lower cost balance sheet and significant contribution from the share of JV and
associates net income ($0.3bn in 3Q 2023 vs. $0.4bn in 2Q 2023)
• This is reflected in the 3Q 2023 basic EPS of $1.11/sh and the last 12 months rolling ROE3 of 9.4%; book
value per share4 stands at $66/sh
• The Company ended the quarter with net debt of $4.3bn (gross debt of $10.5bn less cash and cash
equivalents of $6.3bn) which is $0.2bn lower than at the end of June 30, 2023; and strong liquidity at end
of September 30, 2023 of $11.8bn
• The Company has repurchased 26.2m shares during 9M 2023 including 7.1m from the current 85m share
buy back program
Outlook
• The Company remains positive on the medium/long-term steel demand outlook and supported by its
strong financial position remains focused on safety and executing its strategy of growth with capital
returns
• FY 2023 capex is expected to be towards the mid-point of the previously communicated guidance range
($4.5bn-$5.0bn); strategic growth projects remain on track and estimated to deliver $1.3bn of additional. ... see & read more on
https://corporate.arcelormittal.com/media/hbukanb3/3q23-earnings-release.pdf