ArcelorMittal's Q4 Net Income Falls 93% To $261 Mn

ArcelorMittal, the worldwide leader in steel production, reported a 93.54% decrease in its net income to USD 261 million for the fourth quarter of 2022, due to decreased sales.

In comparison, the Luxembourg-based company had recorded a net income of USD 4,045 million in the same period of the previous year.

ArcelorMittal stated in a press release that it recorded a net income of USD 261 million in the fourth quarter of 2022, a decrease from the USD 4,045 million in the same period of 2021. The company also reported an adjusted net income of USD 1,189 million for 4Q 2022, compared to USD 3,827 million in 4Q 2021.

The company's steel production declined to 13.2 million tons in 4Q 2022, down from 16.5 million tons in the year-ago period.

In the fourth quarter of 2022, ArcelorMittal's total steel shipments totaled 12.6 million tons, representing a 19.9 per cent decrease from the 15.8 million tons shipped in the October-December period of 2021. This drop was attributed to the significant reduction in demand caused by destocking.

ArcelorMittal's sales in 4Q 2022, totaling USD 16.9 billion, saw a decrease of 18.8 per cent compared to the sales of USD 20.8 billion in 4Q 2021. This drop was primarily due to a decrease in average steel selling prices and lower steel shipment volumes.