Group 1 - ArcelorMittal published its half-year report for the six-month period ended 30 June 2024 [1] - The report is accessible on the company's corporate website and filed with the U.S. SEC [1] - ArcelorMittal is a leading integrated steel and mining company with operations in 60 countries [2] Group 2 - In 2023, ArcelorMittal generated revenues of $68.3 billion and produced 58.1 million metric tonnes of crude steel [2] - The company aims to produce smarter steels that are cleaner, stronger, and reusable, supporting renewable energy infrastructure [3] - ArcelorMittal is listed on multiple stock exchanges including New York, Amsterdam, and Paris [3]

02 August 2024, 18:00 CET ArcelorMittal (the ‘Company’) has today published its half-year report for the six-month period ended 30 June 2024. The report is available on http://corporate.arcelormittal.com/ under Investors > Financial reports > Half-year reports, and on the electronic database of the Luxembourg Stock Exchange (www.bourse.lu/). The report has also been filed on Form 6-K with the U.S. Securities and Exchange Commission (SEC) and is available on http://corporate.arcelormittal.com/ under Investor ...

ArcelorMittal S.A. (MT) recorded a net income of $504 million or 63 cents per share in second-quarter 2024 compared with $1,860 million or $2.21 per share in the year-ago quarter. The bottom line missed the Zacks Consensus Estimate of $1.12 per share.Total sales fell around 13% year over year to $16,249 million in the quarter. The figure also missed the consensus estimate of $16,911.4 million.Total steel shipments fell 2% year over year to 13.9 million metric tons in the reported quarter. The figure was abo ...

[Report Highlights](index=1&type=section&id=Report%20Highlights) [Q2 2024 Key Highlights](index=1&type=section&id=2Q%202024%20Key%20Highlights) ArcelorMittal reported resilient Q2 2024 results with $1.9 billion EBITDA, $0.5 billion net income, and $5.2 billion net debt Q2 2024 Key Financial and Operational Metrics | Metric | Value | Quarter | Note | | :--- | :--- | :--- | :--- | | **EBITDA** | $1.9 billion | 2Q 2024 | vs. $2.0 billion in 1Q 2024 | | **EBITDA/tonne** | $134/tonne | 2Q 2024 | Reflects structural improvements | | **Steel Shipments** | +3.2% | 2Q 2024 | vs. 1Q 2024 | | **Net Income** | $0.5 billion | 2Q 2024 | vs. $0.9 billion in 1Q 2024, impacted by non-cash mark-to-market on Vallourec shares | | **Net Debt** | $5.2 billion | End of Q2 | Gross debt of $11.1 billion, Cash of $5.9 billion | | **LTIF Rate** | 0.57 | 2Q 2024 | Improved safety performance | - Over the past 12 months, the company generated **$2.6 billion** in investable cash flow, investing **$1.5 billion** in strategic growth projects and returning **$1.8 billion** to shareholders[2](index=2&type=chunk) [Strategic Objectives Progress](index=1&type=section&id=Key%20Developments%20Towards%20Strategic%20Objectives) The company advances strategic objectives via organic growth, portfolio optimization, and shareholder returns, with projects adding $1.8 billion EBITDA potential by 2026 and share count reduced by 36% since 2020 - Strategic growth projects are estimated to add **$1.8 billion** to the Company's EBITDA potential by the end of 2026. Key projects nearing completion include Calvert EAF (US), Serra Azul (Brazil), electrical steel (France), and capacity expansion in Liberia[3](index=3&type=chunk) - The Sustainable Solutions segment is progressing towards **doubling its EBITDA** in the next 5 years. The acquisition of Italpannelli and the investment in Vallourec are estimated to add a further **$0.2 billion** to EBITDA potential in 2025[3](index=3&type=chunk) - The company maintains a commitment to shareholder returns, with a base dividend of **$0.50/share** in 2024 and a policy to return a minimum of **50%** of post-dividend free cash flow through share buybacks. The fully diluted share count has been reduced by **36%** since September 2020[3](index=3&type=chunk) [CEO Commentary](index=2&type=section&id=CEO%20Commentary) - CEO Aditya Mittal highlighted good progress in H1 2024, emphasizing the near completion of a comprehensive safety audit which will be instrumental in achieving safety goals[6](index=6&type=chunk) - Strategic growth projects and recent acquisitions have an estimated potential to increase EBITDA by **$2.0 billion**, with several projects like Vega CMC and the India renewables project now coming online[7](index=7&type=chunk) - Demand for low-carbon steel products like XCarb® is growing, and the company is expanding its climate solutions portfolio with new brands like HyMatch® for hydrogen pipelines and acquisitions in the insulation panel market[8](index=8&type=chunk) - Financial performance in Q2 was similar to Q1, reflecting subdued economic sentiment. However, low inventory levels are expected to support apparent steel demand growth ex-China of **2.5% to 3%** this year[9](index=9&type=chunk) [Safety and Sustainable Development](index=4&type=section&id=Safety%20and%20Sustainable%20Development) [Health and Safety](index=4&type=section&id=Health%20and%20Safety%20Focus) Employee health and safety remain top priority, with an improved LTIF rate of 0.57 in Q2 2024 and a comprehensive safety audit nearing completion Lost Time Injury Frequency (LTIF) Rate | LTIF Rate | 2Q 24 | 1Q 24 | 2Q 23 | | :--- | :--- | :--- | :--- | | **Total** | 0.57 | 0.61 | 0.73 | - A company-wide safety audit by dss+ is progressing on schedule, covering fatality prevention, process risk management, and safety governance. The groundwork, completed in July, included **155 onsite audits**, **14 risk assessments**, and **~300 interviews** with leadership and personnel[11](index=11&type=chunk)[15](index=15&type=chunk) [Sustainable Development](index=4&type=section&id=Sustainable%20Development%20Highlights) ArcelorMittal advances decarbonization with new EAF and 1GW renewables, expanding low-carbon products like HyMatch® and aiming to double XCarb® sales in 2024 - Construction has started on a **1.1 million tonne** Electric Arc Furnace (EAF) at the Gijón plant in Spain, a key part of the European decarbonization program[16](index=16&type=chunk) - The **1GW** renewables project in India has begun commissioning, which will supply over **20%** of the AMNS India Hazira plant's energy needs[16](index=16&type=chunk) - The company launched the HyMatch® steel brand for hydrogen transport pipelines and acquired Italpannelli to expand its exposure to insulation panels for low-carbon buildings[17](index=17&type=chunk) - Sales of XCarb® recycled and renewably produced (RRP) low-carbon steel products are on track to **double in 2024** compared to 2023[17](index=17&type=chunk) [Financial Performance Analysis](index=6&type=section&id=Financial%20Performance%20Analysis) [H1 2024 vs H1 2023 Analysis](index=6&type=section&id=Analysis%20of%20results%20for%20the%20six%20months%20ended%20June%2030%2C%202024%20versus%202023) ArcelorMittal's H1 2024 performance declined, with sales down 12.3% to $32.5 billion, EBITDA down 25.7% to $3.8 billion, and a $1.3 billion free cash outflow H1 2024 vs H1 2023 Financial Summary | Metric | 1H 2024 | 1H 2023 | Change | | :--- | :--- | :--- | :--- | | **Sales** | $32.5 billion | $37.1 billion | -12.3% | | **Operating Income** | $2.1 billion | $3.1 billion | -32.1% | | **EBITDA** | $3.8 billion | $5.1 billion | -25.7% | | **Net Income** | $1.4 billion | $3.0 billion | -51.2% | | **Basic EPS** | $1.80 | $3.47 | -48.1% | - The decline in performance was driven by a negative price-cost effect from lower steel selling prices and reduced shipment volumes, including the impact of an illegal blockade at Mexican operations[19](index=19&type=chunk)[20](index=20&type=chunk) - Net debt increased to **$5.2 billion** from **$2.9 billion** at year-end 2023, following a **$1.3 billion** free cash outflow which included a **$1.6 billion** working capital investment and **$1.1 billion** in shareholder returns[22](index=22&type=chunk) [Q2 2024 vs Q1 2024 Analysis](index=6&type=section&id=Analysis%20of%20results%20for%202Q%202024%20versus%201Q%202024) Q2 2024 sales were stable at $16.2 billion, but EBITDA decreased 4.8% to $1.9 billion, with net income falling to $504 million due to non-cash items Q2 2024 vs Q1 2024 Financial Summary | Metric | 2Q 2024 | 1Q 2024 | Change | | :--- | :--- | :--- | :--- | | **Sales** | $16.2 billion | $16.3 billion | -0.2% | | **Operating Income** | $1.0 billion | $1.1 billion | -2.4% | | **EBITDA** | $1.9 billion | $2.0 billion | -4.8% | | **Net Income** | $0.5 billion | $0.9 billion | -46.3% | | **Basic EPS** | $0.63 | $1.16 | -45.7% | - The decrease in EBITDA was primarily due to weaker results in North America, India, and the Mining segment, partially offset by improved performance in Europe[24](index=24&type=chunk) - Net income was significantly impacted by a non-cash mark-to-market loss of **$173 million** on Vallourec shares, reversing a gain of **$181 million** from the previous quarter[25](index=25&type=chunk) [Segment Performance Analysis](index=7&type=section&id=Analysis%20of%20operations) [North America](index=7&type=section&id=North%20America) North America's Q2 2024 performance was severely impacted by a Mexican blockade, resulting in a 33.7% EBITDA decrease to $467 million and 0.4 million tonnes volume loss North America Segment Performance | Metric (million USD) | 2Q 24 | 1Q 24 | Change | | :--- | :--- | :--- | :--- | | **Sales** | 3,162 | 3,347 | -5.5% | | **EBITDA** | 467 | 705 | -33.7% | | **Steel Shipments (kilotonnes)** | 2,468 | 2,796 | -11.7% | - An illegal blockade at the Lázaro Cárdenas plant in Mexico, which began on May 24, 2024, caused the company to halt its blast furnace and mining operations. This resulted in an estimated loss of **~0.4 million tonnes** in volume and **~$0.1 billion** in EBITDA for Q2 2024[31](index=31&type=chunk) [Brazil](index=7&type=section&id=Brazil) Brazil's segment EBITDA increased 4.3% to $413 million in Q2 2024, driven by a strong 14.4% rise in steel shipments Brazil Segment Performance | Metric (million USD) | 2Q 24 | 1Q 24 | Change | | :--- | :--- | :--- | :--- | | **Sales** | 3,243 | 3,051 | +6.3% | | **EBITDA** | 413 | 396 | +4.3% | | **Steel Shipments (kilotonnes)** | 3,637 | 3,180 | +14.4% | [Europe](index=9&type=section&id=Europe) Europe's segment EBITDA recovered significantly in Q2 2024, increasing 34.8% to $462 million due to positive price-cost effects and higher shipments Europe Segment Performance | Metric (million USD) | 2Q 24 | 1Q 24 | Change | | :--- | :--- | :--- | :--- | | **Sales** | 7,822 | 7,847 | -0.3% | | **EBITDA** | 462 | 343 | +34.8% | | **Steel Shipments (kilotonnes)** | 7,407 | 7,236 | +2.4% | - The increase in operating income and EBITDA was primarily due to a positive price-cost effect, as lower costs offset the decline in average steel selling prices[38](index=38&type=chunk) [India and JVs](index=9&type=section&id=India%20and%20JVs) Income from India and JVs decreased to $181 million in Q2 2024, mainly due to lower contributions from AMNS India and Calvert - Income from associates, joint ventures, and other investments was **$181 million** in Q2 2024, down from **$242 million** in Q1 2024, mainly due to lower contributions from AMNS India and Calvert[40](index=40&type=chunk) [AMNS India](index=9&type=section&id=AMNS%20India) AMNS India's EBITDA declined to $237 million in Q2 2024 due to negative price-cost effects and a 6.2% reduction in shipments AMNS India Performance (100% basis) | Metric (100% basis) | 2Q 24 | 1Q 24 | Change | | :--- | :--- | :--- | :--- | | **Sales (million USD)** | 1,580 | 1,815 | -12.9% | | **EBITDA (million USD)** | 237 | 312 | -24.0% | | **Shipments (kilotonnes)** | 1,892 | 2,016 | -6.2% | [Calvert](index=9&type=section&id=Calvert) Calvert's EBITDA decreased 11.6% sequentially to $166 million in Q2 2024, primarily due to a negative price-cost effect Calvert Performance (100% basis) | Metric (100% basis) | 2Q 24 | 1Q 24 | Change | | :--- | :--- | :--- | :--- | | **Sales (million USD)** | 1,244 | 1,236 | +0.6% | | **EBITDA (million USD)** | 166 | 188 | -11.6% | | **Shipments (kilotonnes)** | 1,145 | 1,131 | +1.2% | [Sustainable Solutions](index=11&type=section&id=Sustainable%20Solutions) Sustainable Solutions segment EBITDA increased 36.6% to $95 million in Q2 2024, driven by seasonal strength and strategic project advancements Sustainable Solutions Segment Performance | Metric (million USD) | 2Q 24 | 1Q 24 | Change | | :--- | :--- | :--- | :--- | | **Sales** | 2,891 | 2,889 | +0.1% | | **EBITDA** | 95 | 70 | +36.6% | - The **1GW** India renewables project has begun commissioning and is expected to add **$0.1 billion** to Group EBITDA after full ramp-up[49](index=49&type=chunk) - The acquisition of Italpannelli's Italian and Spanish businesses was completed, **doubling** ArcelorMittal Construction's panel capacity and providing access to new markets[50](index=50&type=chunk) [Mining](index=11&type=section&id=Mining) Mining segment EBITDA fell 30.4% to $216 million in Q2 2024, due to lower iron ore prices and reduced shipments from Canadian wildfires Mining Segment Performance | Metric (million USD) | 2Q 24 | 1Q 24 | Change | | :--- | :--- | :--- | :--- | | **Sales** | 641 | 729 | -12.1% | | **EBITDA** | 216 | 311 | -30.4% | | **Iron Ore Production (million tonnes)** | 5.9 | 6.5 | -9.2% | - Performance was driven down by lower iron ore reference prices and reduced shipment volumes. Production was impacted by wildfires in Canada and maintenance activities[52](index=52&type=chunk) [Outlook](index=2&type=section&id=Outlook) - The company believes current market conditions, characterized by low steel spreads and aggressive exports from China, are unsustainable. With low inventory levels, particularly in Europe, a rebound in apparent demand is expected once real demand recovers[4](index=4&type=chunk)[56](index=56&type=chunk) - The forecast for 2024 World ex-China apparent steel consumption (ASC) growth has been revised down to a range of **+2.5% to +3.0%** from the previous **+3.0% to +4.0%**[56](index=56&type=chunk) 2024 Apparent Steel Consumption Growth Forecast by Region | Region | 2024 Apparent Steel Consumption Growth Forecast | Previous Forecast | | :--- | :--- | :--- | | **US (Flat)** | +1.0% to +3.0% | +1.5% to +3.5% | | **Europe (Flat)** | +0.0% to +2.0% | +2.0% to +4.0% | | **Brazil** | +1.0% to +3.0% | +0.5% to +2.5% | | **India** | +7.5% to +9.5% | +6.5% to +8.5% | | **China** | -1.0% to +1.0% | +0.0% to +2.0% | - Capex for 2024 is expected to be within the **$4.5-$5.0 billion** range, including **$1.4-$1.5 billion** for strategic growth projects[4](index=4&type=chunk)[58](index=58&type=chunk) - The company anticipates a reversal of the **$1.6 billion** working capital investment from H1 2024 by year-end, which will support free cash flow generation[4](index=4&type=chunk) [Financial Statements](index=14&type=section&id=Financial%20Statements) [Condensed Consolidated Statements of Financial Position](index=14&type=section&id=ArcelorMittal%20Condensed%20Consolidated%20Statements%20of%20Financial%20Position) ArcelorMittal's total assets were $90.8 billion as of June 30, 2024, with total liabilities at $36.5 billion and net debt at $5.2 billion Condensed Consolidated Statements of Financial Position | (In millions of U.S. dollars) | Jun 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | 31,008 | 33,240 | | **Total Assets** | 90,847 | 93,917 | | **Total Current Liabilities** | 20,306 | 21,769 | | **Total Liabilities** | 36,548 | 37,849 | | **Total Equity** | 54,299 | 56,068 | | **Total Liabilities and Shareholders' Equity** | 90,847 | 93,917 | [Condensed Consolidated Statements of Operations](index=15&type=section&id=ArcelorMittal%20Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2024 sales were $16.2 billion, with net income of $504 million; H1 2024 sales reached $32.5 billion, net income $1.4 billion Condensed Consolidated Statements of Operations | (In millions of U.S. dollars) | Three months ended Jun 30, 2024 | Six months ended Jun 30, 2024 | | :--- | :--- | :--- | | **Sales** | 16,249 | 32,531 | | **Operating income** | 1,046 | 2,118 | | **Net income attributable to equity holders** | 504 | 1,442 | | **Basic earnings per common share ($)** | 0.63 | 1.80 | | **EBITDA** | 1,862 | 3,818 | [Condensed Consolidated Statements of Cash Flows](index=16&type=section&id=ArcelorMittal%20Condensed%20Consolidated%20Statements%20of%20Cash%20flows) H1 2024 net cash from operations was $973 million, down from $3.0 billion, resulting in a $1.3 billion free cash outflow after $2.2 billion capex Condensed Consolidated Statements of Cash Flows | (In millions of U.S. dollars) | Six months ended Jun 30, 2024 | Six months ended Jun 30, 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | 973 | 3,036 | | **Purchase of property, plant and equipment** | (2,221) | (1,998) | | **Net cash used in investing activities** | (2,004) | (3,884) | | **Net cash used by financing activities** | (546) | (2,839) | | **Free cash flow** | (1,332) | 973 | [Supplementary Information](index=16&type=section&id=Supplementary%20Information) [Capital Expenditures and Strategic Projects](index=16&type=section&id=Capital%20Expenditures%20and%20Strategic%20Projects) H1 2024 capital expenditures totaled $2.2 billion, supporting key strategic growth projects expected to significantly contribute to future EBITDA Capital Expenditures by Segment | Capex by Segment (million USD) | 1H 2024 | 1H 2023 | | :--- | :--- | :--- | | North America | 211 | 237 | | Brazil | 414 | 382 | | Europe | 718 | 633 | | Sustainable Solutions | 240 | 139 | | Mining | 497 | 372 | | **Total** | **2,221** | **1,998** | - Recently completed projects include the ArcelorMittal Vega Do Sul expansion in Brazil and the commissioning of the **1GW** renewables project in India, together expected to contribute **$0.2 billion** to EBITDA[64](index=64&type=chunk) - Ongoing strategic projects, such as the Liberia mine expansion and AMNS India debottlenecking, are forecasted to be completed between 2H 2024 and 2H 2026[65](index=65&type=chunk) [Debt Profile](index=18&type=section&id=Debt%20Profile) As of June 30, 2024, ArcelorMittal's gross debt was $11.1 billion and net debt $5.2 billion, with an average maturity of 6.9 years and a 0.7x Net debt to LTM EBITDA ratio Gross Debt Maturity Profile | (USD billion) | 2024 | 2025 | 2026 | 2027 | ≥2028 | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total gross debt** | 1.6 | 1.8 | 1.3 | 1.9 | 4.5 | 11.1 | Net Debt Reconciliation | (million USD) | Jun 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Gross debt** | 11,127 | 10,681 | | **Cash and cash equivalents** | (5,903) | (7,783) | | **Net debt** | 5,224 | 2,898 | - The average debt maturity as of June 30, 2024, is **6.9 years**[66](index=66&type=chunk)

For the quarter ended June 2024, ArcelorMittal (MT) reported revenue of $16.25 billion, down 12.7% over the same period last year. EPS came in at $0.63, compared to $2.20 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $16.91 billion, representing a surprise of -3.92%. The company delivered an EPS surprise of -43.75%, with the consensus EPS estimate being $1.12.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Stree ...

Luxembourg, August 1, 2024 - 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 six-month periods ended June 30, 2024. 2Q 2024 key highlights: Health and safety focus: Protecting employee health and safety remains the overarching priority of the Company; the Company-wide audit of safety by dss+ remains on track for ...

In its upcoming report, ArcelorMittal (MT) is predicted by Wall Street analysts to post quarterly earnings of $1.12 per share, reflecting a decline of 49.1% compared to the same period last year. Revenues are forecasted to be $16.91 billion, representing a year-over-year decrease of 9.1%.Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Ahead of a company's ...

23 July 2024, 16:00 CET ArcelorMittal (‘the Company') today announces the publication of its second quarter 2024 sell-side analyst consensus figures. The consensus figures are based on analysts' estimates recorded on an external web-based tool provided and managed by an independent company, Visible Alpha. To arrive at the consensus figures below, Visible Alpha has aggregated the expectations of sell-side analysts who, to the best of our knowledge, cover ArcelorMittal on a continuous basis. This is currently ...

16 July, 2024 ArcelorMittal today announces it has selected three start-ups as the joint winners of its inaugural XCarb® India Accelerator Programme. The programme attracted over 50 applications and following an extensive review process by ArcelorMittal’s XCarb® Innovation Fund and research and development teams, UrjanovaC, AgroMorph Technosolutions and Susstains Engineering Solutions have been selected as the winners. Each will receive prize money of $50,000 and mentoring aimed at developing their technolo ...

01 July 2024, 11.30 CET ArcelorMittal ('the Company') has today filed its 2023 Payments to Governments in respect of Extractive Industries report, which provides a consolidated overview of payments made by the Company and its subsidiaries in 2023 to governments regarding its mining operations. The report, which complies with reporting requirements under Luxembourg law, is available for download from https://corporate.arcelormittal.com/corporate-library. ENDS About ArcelorMittal ArcelorMittal is one of the w ...