ArcelorMittal: beats expectations in Q1

(CercleFinance.com) - ArcelorMittal reported better-than-expected Q1 results on Thursday and said that it expects profitability to improve further in Q2.


EBITDA over the first three months of the year fell to $1.8bn, a sharp drop from $5.1bn a year earlier, although this beat the company's consensus of $1.6bn.

Net profit was $1.1bn, down from $4.1bn in Q1, again ahead of the consensus of around $700m.

A key indicator for the market - the group's net debt - soared to $5.2bn at end-March, spiralling from $2.2bn a year ago, due to recent acquisitions and share buybacks.

The Luxembourg-based group maintains its target of steel deliveries that are up around 5% this year compared to 2022, although its forecast of positive free cash flow for the year, as announced in February, was not reiterated in the statement.

ArcelorMittal shares were down about 4% in Paris at around 9.30am following this publication, the biggest faller in the CAC 40.


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