ArcelorMittal Posts Lower 2Q Earnings as Steel Shipments, Prices Fell

By Pierre Bertrand

ArcelorMittal reported lower second-quarter earnings Thursday after a decline in steel shipments and lower average steel selling prices.

The Luxembourg-based steelmaker made $1.86 billion in net profit for the quarter, compared with $3.92 billion in the prior year, on revenue that fell 16% to $18.61 billion.

The company's earnings before interest, taxes, depreciation and amortization came to $2.60 billion, a 49% decrease on year.

The result compares with analysts' expectations of $1.45 billion in net profit and $2.49 billion in Ebitda for the quarter, according to a company-provided consensus.

ArcelorMittal's sales were affected by lower steel shipment volumes and by lower average steel selling prices which fell 16% in the quarter compared with the prior year, it said.

The company shipped 14.2 million metric tons of steel in the quarter, compared with 14.5 million tons in the first quarter of the year, and produced 14.7 million tons of crude steel compared with 14.5 million tons in the first quarter.

Steel shipments fell 1.2% compared with the second quarter of last year, the company said.

Write to Pierre Bertrand at [e-mail]

(END) Dow Jones Newswires

July 27, 2023 01:53 ET (05:53 GMT)

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