ArcelorMittal, the world’s largest integrated steel and mining company, reported a net income of USD 1.339 bln in 2024, up from USD 919 mln in 2023. The increase in profit comes despite a challenging 2023, where non-cash charges of USD 2.4 bln from the sale of its Kazakhstan operations and USD 1.4 bln from impairments related to its joint venture Acciaierie d’Italia (ADI) impacted profitability.
Sales revenue for 2024 decreased by 8.5pct year-over-year to USD 62.4 bln, primarily due to lower average steel prices and reduced steel shipments. Steel production slightly decreased to 57.9 mln tons, down from 58.1 mln tons in 2023, while shipments also dropped to 54.3 mln tons, compared to 55.6 mln tons the previous year.
Looking ahead, ArcelorMittal expects global steel consumption outside of China to grow by 2.5pct to 3.5pct in 2025, supporting an increase in steel shipments. Regionally, flat product steel consumption is forecast to rise by 0pct to 2pct in Europe, 1pct to 3pct in the US, remain stable in China, and grow 6pct to 7pct in India. Brazil is expected to stabilize following strong growth in 2024.
Despite near-term demand remaining subdued, the company remains optimistic about restocking activity, especially in Europe, where low inventory levels are expected to help boost demand.
CEO Lakshmi Mittal acknowledged the challenges faced in 2024 but highlighted that the EBITDA per ton of USD 130 was significantly higher than the pre-COVID five-year average. He remains positive about the long-term outlook for the steel industry, particularly in Brazil, India, and the US, where the company is expanding its ability to meet automotive demand.
Mittal emphasized the importance of addressing global overcapacity, particularly in Europe, which faced increased imports in 2024. He called for urgent policy action to support European manufacturing and accelerate decarbonization efforts.
