Integrated steel and mining company ArcelorMittal has reported net income attributable to equity holders of the parent for FY2023 of $919m, a drop from $9.3bn a year ago.
The net income included a negative $2.4bn impact from the disposal of assets in Kazakhstan and a $1.4bn impairment of Acciaierie d’Italia in Italy.
In 2023, ArcelorMittal divested its Kazakh steel and mining business to state-run direct investment fund Qazaqstan Investment Corporation (QIC).
For Q4 2023, the company recorded a net loss of $2.96bn compared with a net income of $261m in Q4 2022.
ArcelorMittal posted EBITDA of $7.6bn for FY2023, down from $14.16bn in the prior year.
For the quarter ending 31 December 2024, EBITDA was $1.26bn compared with $1.25bn in the same period in 2022.
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The company’s free cash flow for 2023 stood at $2.9bn while net debt was $2.9bn at year-end.
Sales for the 12 months of 2023 decreased 14.5% to $68.3bn, primarily due to a 13.5% drop in average steel selling prices, while shipments remained stable.
Operating income for 2023 was $2.3bn, a decrease from $10.3bn in 2022, driven by the negative price-cost effect, impairment charges and the impact of the disposal of Kazakhstan operations.
ArcelorMittal CEO Aditya Mittal said: “Turning to our financial performance, our results for the full year reflect the benefits of the structural improvements we have made to our cost base, asset portfolio and balance sheet in recent years.
“Despite the operating environment becoming increasingly challenging as the year progressed, our profitability per tonne is healthy and well above long-term averages.
“Looking ahead, there are early signs of a more constructive industry backdrop. This, alongside the progress we are making with our portfolio of strategic growth projects – several of which will complete this year – means the company will continue to take important steps forward in its drive to be a stronger, more profitable, and of course safer, company.”