Sunday, June 29, 2025
  • Home
  • World

    Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman Highlights Key Policy Measures to Promote Export-led Growth at Exim Bank’s Trade Conclave

    Tobacco control efforts protect 6.1 billion people – WHO’s new report

    MB Patil Showcases Karnataka’s Investment Potential During Denmark Roadshow

    Roche’s Lunsumio and Polivy combination significantly prolongs remission for people with relapsed or refractory large B-cell lymphoma

    Beat the monsoon greys in style with India’s first UPF resort-wear line by Meghna Ghodawat

    Jamaica Tourism Launches a Brand-New Campaign “70 Days of Jamaica Love” to Celebrate 70 Years of Jamaica

  • National
    • All
    • Economy & Politics
    • Election

    Viksit Krishi Sankalp Abhiyan’ is not just a ritual, but a concerted effort by scientists to improve the condition of farmers- Union Minister Shivraj Singh Chouhan

    Rinac India Limited and Epta Announce Strategic Partnership to Elevate India’s Food Retail Refrigeration Landscape

    Jockey Woman continues to shape India’s intimate wear landscape with strategic expansion

    Live phone-in program from Bangalore Water Board on June 27th,2025.

    NMDC Invites Applications for Fully Sponsored Education Programs for Tribal Youth in Chhattisgarh

    Chief Minister of Uttar Pradesh Yogi Adityanath and Union Minister for Science & Technology Dr. Jitendra Singh today lay the foundation stone of state-of-the-art Green Data Centre at Central Electronics Limited (CEL), Ghaziabad, UP

  • Business

    Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, chaired the annual review meeting with MDs and CEOs of Public Sector Banks in New Delhi today

    Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman visits International Financial Services Centre (IFSC) at GIFT City, Gandhinagar, today

    Sarbananda Sonowal Inaugurates India’s First Maritime NBFC — Sagarmala Finance Corporation Limited (SMFCL)

  • Health

    Apollo Cancer Centres Launches ‘CanWin’.

    Protect and Perfect: How Face Yoga and Sunscreen Can Transform Your Skin

    Panasonic partners with MeitY Nasscom Centre of Excellence (CoE) to accelerate innovation in Smart Residential Living

    Herbalife’s Aloin Identification Method for Aloe Vera Officially Recognized by AOAC INTERNATIONAL

    “Indian patients no longer need to look abroad for advanced treatment,” said Dr. Sharat Damodar, Senior Consultant, Haematologist and Head of Adult BMT at Narayana Health City, Bengaluru and Chairman of the Oncology Collegium at Narayana Health.

    WHO issues first global guideline to improve pregnancy care for women with sickle cell disease

  • Technology
    • All
    • Environment
    • Science

    Jockey Woman continues to shape India’s intimate wear landscape with strategic expansion

    AMD Unveils Vision for an Open AI Ecosystem, Detailing New Silicon, Software and Systems at Advancing AI 2025

    U.S. Insurers to More than Double AI Investment in the Next 3-5 Years: Wipro Report

    Union Minister for Agriculture and Farmers Welfare Shivraj Singh Chouhan to visit Hyderabad on Monday

    Inaugural program of “Vidhan Soudha Guided Walking Tour” on May 25.

    LTIMindtree Signs MoU with IIM Mumbai to Launch Postgraduate Program for Executives in AI-led Experience Design

  • Auto

    DGCA carries out comprehensive surveillance at major airports, including Delhi and Mumbai

    India Opens Doors to Global EV Giants with Portal Launch under SPMEPCI

    Force Motors along with BMW Group India Celebrates the Roll-Out of its 100,000th engine from the Chennai Plant

    Clara Luciani, Kavinsky & Please Join the Line-Up of Renault’s festiv4L

  • Sports

    Jockey Woman continues to shape India’s intimate wear landscape with strategic expansion

    BCCI mourns the passing of Dilip Doshi

    Amruta Fadnavis Ropes in Arjun Kapoor & Nushrratt Bharuccha for Soulful Yoga Day with 1,000 Marginalised Women

    Union Minister Dr. Mansukh Mandaviya leads Fit India Sundays on Cycle in New Delhi in collaboration with Yogasana Bharat; Says Even One Pedal in cycle is Making India a Fitness Powerhouse

  • Entertainment

    A New Era in Luxury Weddings – Vogue Wedding Atelier Debuts in India

    GenS Life and Dowith Lit Present ‘Senior Spotlight’: Bengaluru’s Open Mic Celebration for the 55+

    PMJ Jewels Launches PMJ SuperStar Bracelet and ‘Celebrating Daughters’ Campaign

    ‘Waves’ an OTT platform that offers clean family-friendly content: Sunil Bhatiya, Deputy Director General, Doordarshan Kendra, Panaji

    Sri Sai Gold Palace’s 7th store inaugurated in Malleshwaram,Bengaluru.

    Lulu Mall Hosts Bangalore’s Biggest Non-Alcoholic Holi Celebration

  • Lifestyle
    • All
    • Food
    • Travel

    Jockey Woman continues to shape India’s intimate wear landscape with strategic expansion

    Anantha Foods Opens Its Third Outlet in Bengaluru

    Board Games & Brews: McCafé hosts community Game Night

    Apollo Cancer Centres Launches ‘CanWin’.

    Protect and Perfect: How Face Yoga and Sunscreen Can Transform Your Skin

    Panasonic partners with MeitY Nasscom Centre of Excellence (CoE) to accelerate innovation in Smart Residential Living

No Result
View All Result
  • Home
  • World

    Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman Highlights Key Policy Measures to Promote Export-led Growth at Exim Bank’s Trade Conclave

    Tobacco control efforts protect 6.1 billion people – WHO’s new report

    MB Patil Showcases Karnataka’s Investment Potential During Denmark Roadshow

    Roche’s Lunsumio and Polivy combination significantly prolongs remission for people with relapsed or refractory large B-cell lymphoma

    Beat the monsoon greys in style with India’s first UPF resort-wear line by Meghna Ghodawat

    Jamaica Tourism Launches a Brand-New Campaign “70 Days of Jamaica Love” to Celebrate 70 Years of Jamaica

  • National
    • All
    • Economy & Politics
    • Election

    Viksit Krishi Sankalp Abhiyan’ is not just a ritual, but a concerted effort by scientists to improve the condition of farmers- Union Minister Shivraj Singh Chouhan

    Rinac India Limited and Epta Announce Strategic Partnership to Elevate India’s Food Retail Refrigeration Landscape

    Jockey Woman continues to shape India’s intimate wear landscape with strategic expansion

    Live phone-in program from Bangalore Water Board on June 27th,2025.

    NMDC Invites Applications for Fully Sponsored Education Programs for Tribal Youth in Chhattisgarh

    Chief Minister of Uttar Pradesh Yogi Adityanath and Union Minister for Science & Technology Dr. Jitendra Singh today lay the foundation stone of state-of-the-art Green Data Centre at Central Electronics Limited (CEL), Ghaziabad, UP

  • Business

    Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, chaired the annual review meeting with MDs and CEOs of Public Sector Banks in New Delhi today

    Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman visits International Financial Services Centre (IFSC) at GIFT City, Gandhinagar, today

    Sarbananda Sonowal Inaugurates India’s First Maritime NBFC — Sagarmala Finance Corporation Limited (SMFCL)

  • Health

    Apollo Cancer Centres Launches ‘CanWin’.

    Protect and Perfect: How Face Yoga and Sunscreen Can Transform Your Skin

    Panasonic partners with MeitY Nasscom Centre of Excellence (CoE) to accelerate innovation in Smart Residential Living

    Herbalife’s Aloin Identification Method for Aloe Vera Officially Recognized by AOAC INTERNATIONAL

    “Indian patients no longer need to look abroad for advanced treatment,” said Dr. Sharat Damodar, Senior Consultant, Haematologist and Head of Adult BMT at Narayana Health City, Bengaluru and Chairman of the Oncology Collegium at Narayana Health.

    WHO issues first global guideline to improve pregnancy care for women with sickle cell disease

  • Technology
    • All
    • Environment
    • Science

    Jockey Woman continues to shape India’s intimate wear landscape with strategic expansion

    AMD Unveils Vision for an Open AI Ecosystem, Detailing New Silicon, Software and Systems at Advancing AI 2025

    U.S. Insurers to More than Double AI Investment in the Next 3-5 Years: Wipro Report

    Union Minister for Agriculture and Farmers Welfare Shivraj Singh Chouhan to visit Hyderabad on Monday

    Inaugural program of “Vidhan Soudha Guided Walking Tour” on May 25.

    LTIMindtree Signs MoU with IIM Mumbai to Launch Postgraduate Program for Executives in AI-led Experience Design

  • Auto

    DGCA carries out comprehensive surveillance at major airports, including Delhi and Mumbai

    India Opens Doors to Global EV Giants with Portal Launch under SPMEPCI

    Force Motors along with BMW Group India Celebrates the Roll-Out of its 100,000th engine from the Chennai Plant

    Clara Luciani, Kavinsky & Please Join the Line-Up of Renault’s festiv4L

  • Sports

    Jockey Woman continues to shape India’s intimate wear landscape with strategic expansion

    BCCI mourns the passing of Dilip Doshi

    Amruta Fadnavis Ropes in Arjun Kapoor & Nushrratt Bharuccha for Soulful Yoga Day with 1,000 Marginalised Women

    Union Minister Dr. Mansukh Mandaviya leads Fit India Sundays on Cycle in New Delhi in collaboration with Yogasana Bharat; Says Even One Pedal in cycle is Making India a Fitness Powerhouse

  • Entertainment

    A New Era in Luxury Weddings – Vogue Wedding Atelier Debuts in India

    GenS Life and Dowith Lit Present ‘Senior Spotlight’: Bengaluru’s Open Mic Celebration for the 55+

    PMJ Jewels Launches PMJ SuperStar Bracelet and ‘Celebrating Daughters’ Campaign

    ‘Waves’ an OTT platform that offers clean family-friendly content: Sunil Bhatiya, Deputy Director General, Doordarshan Kendra, Panaji

    Sri Sai Gold Palace’s 7th store inaugurated in Malleshwaram,Bengaluru.

    Lulu Mall Hosts Bangalore’s Biggest Non-Alcoholic Holi Celebration

  • Lifestyle
    • All
    • Food
    • Travel

    Jockey Woman continues to shape India’s intimate wear landscape with strategic expansion

    Anantha Foods Opens Its Third Outlet in Bengaluru

    Board Games & Brews: McCafé hosts community Game Night

    Apollo Cancer Centres Launches ‘CanWin’.

    Protect and Perfect: How Face Yoga and Sunscreen Can Transform Your Skin

    Panasonic partners with MeitY Nasscom Centre of Excellence (CoE) to accelerate innovation in Smart Residential Living

No Result
View All Result
No Result
View All Result
Home Business

ArcelorMittal reports first quarter 2024 results

"Across the Company our people are galvanized to improve safety performance."-Aditya Mittal, Chief Executive Officer, ArcelorMittal

by FWM
May 3, 2024
in Business, World
0

ArcelorMittal reports first quarter 2024 results
Luxembourg, May 2, 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 results 1 for the three-month period ended March 31, 2024.
1Q 2024 key highlights:
• Health and safety focus: Protecting employee health and wellbeing remains the overarching priority of
the Company; the Company-wide audit of safety by dss+ is progressing and will support our pathway to
zero serious injuries and fatalities; LTIF 2 rate of 0.61x in 1Q 2024
• Recovering volumes and higher steel spreads supporting improved results: Scope adjusted steel
shipments 17 increased +5.0% in 1Q 2024 vs. 4Q 2023; 1Q 2024 EBITDA 14 of $2.0bn (vs. $1.5bn in 4Q
2023) with EBITDA/t of $145/t in 1Q 2024 (vs. $110/t in 4Q 2023). Net income of $0.9bn in 1Q 2024 vs.
net loss of $3.0bn (adjusted net income of $1.0bn 8 ) in 4Q 2023

Free cash flow impacted by seasonal working capital needs: a seasonal working capital investment
($1.7bn) 22 together with capex ($1.2bn) in support of strategic growth projects 19 led to a free cash outflow during the quarter of $1.4bn
• Financial strength: Net debt of $4.8bn at the end of the quarter (gross debt of $10.2bn and cash and
cash equivalents of $5.4bn)12 compares to a net debt of $2.9bn at December 31, 2023. Over the past 12
months net debt has declined by $0.4bn despite strategic growth capex investments of $1.6bn and
returns to shareholders totaling $1.7bn 25
. This highlights the strong underlying cash generating capacity of the business

Key developments towards strategic objectives:
• Organic growth: Capex in 1Q 2024 includes $0.4bn on strategic growth projects 21
, which are estimated to add approximately $1.8bn to the Company’s EBITDA 13 potential by the end of 2026; strategic projects
to commence operations in 1H 2024 include Vega CMC (Brazil) and the 1GW renewables project in India;
2H 2024 projects include Calvert EAF (US), Serra Azul and Barra Mansa in Brazil, electrical steel in
Europe and mine expansion in Liberia
• Asset portfolio: The Company has agreed to acquire a 28% stake in Vallourec for ~$1.1bn, increasing its
exposure to the downstream value-added tubular market; targeting premium segments in the America’s
market, including a focus on energy transition solutions (CCS and hydrogen); transaction closing is
subject to regulatory approvals and currently expected in 2H 2024

Consistent shareholder returns: The Company has repurchased a further 22.5m shares 10 in 1Q 2024,
bringing the total reduction in diluted shares to 35% since September 30, 2020 7
. This has contributed to an increase in the book value per share to $67/sh 4 at the end of the quarter. The Company will continue to return a minimum 50% of post-dividend FCF to shareholders through its share buyback programs. The $0.50/sh base dividend for 2023 will be paid in 2 equal installments in June 2024 and December 2024

ADVERTISEMENT

Commenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said:“Across the Company our people are galvanized to improve safety performance. The 3 rd party safety audit, which started
at the end of December, is now well underway and on target to be completed in September. We expect this to make valuable recommendations that, combined with the considerable efforts already underway, will enable us to deliver the safety results we are striving for.
“On financial performance, the improved pricing environment combined with recovering volumes resulted in sequentially stronger quarterly results, which also now reflect the value contributed by our joint ventures.
“We have an exciting pipeline of growth projects underway, including the 1GW renewables project in India and Vega CMC in Brazil, both of which are expected to commence operations in the first half. Meanwhile the strategic stake in Vallourec will enhance our exposure to the attractive North American market in the value-added tubular market. We continue to progress with our decarbonization projects, conscious of the need to ensure these investments create value as well as reduce emissions.
“Maintaining our position as the lead supplier of low carbon steels is a clear priority and the planned ramp-up at Sestao,along with the new EAF in Gijon which will break ground imminently, will both have an important role to play. Meanwhile our XCarb® recycled and renewably produced steel will be on show to the world during the Paris Olympics, in both the Olympic and Paralympic torches and also the Spectacular which will be erected on the Eiffel Tower.
“Although overall economic sentiment remains subdued, we expect apparent steel demand ex-China to grow between +3% and +4% this year and are well positioned to benefit from this improvement.”

 

 

FWM

Related Posts

Business

Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, chaired the annual review meeting with MDs and CEOs of Public Sector Banks in New Delhi today

by FWM
June 28, 2025
Business

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman visits International Financial Services Centre (IFSC) at GIFT City, Gandhinagar, today

by FWM
June 26, 2025
Business

Sarbananda Sonowal Inaugurates India’s First Maritime NBFC — Sagarmala Finance Corporation Limited (SMFCL)

by FWM
June 26, 2025
Business

President of India Smt. Droupadi Murmu to preside over ‘MSME Day’’on 27th June, 2025

by FWM
June 26, 2025
Business

Mutual Funds vs Stocks: Which is Suitable for Beginners?

by FWM
June 26, 2025

Stay Connected

Viksit Krishi Sankalp Abhiyan’ is not just a ritual, but a concerted effort by scientists to improve the condition of farmers- Union Minister Shivraj Singh Chouhan

June 28, 2025

Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, chaired the annual review meeting with MDs and CEOs of Public Sector Banks in New Delhi today

June 28, 2025

Rinac India Limited and Epta Announce Strategic Partnership to Elevate India’s Food Retail Refrigeration Landscape

June 28, 2025

Recent News

Viksit Krishi Sankalp Abhiyan’ is not just a ritual, but a concerted effort by scientists to improve the condition of farmers- Union Minister Shivraj Singh Chouhan

June 28, 2025

Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, chaired the annual review meeting with MDs and CEOs of Public Sector Banks in New Delhi today

June 28, 2025

Rinac India Limited and Epta Announce Strategic Partnership to Elevate India’s Food Retail Refrigeration Landscape

June 28, 2025

Jockey Woman continues to shape India’s intimate wear landscape with strategic expansion

June 28, 2025
ADVERTISEMENT

© 2018 | Fortune World Media | MEDIA & ENTERTAINMENT CO. IN | Powered by Raja's Digital

error: Content is protected !!
No Result
View All Result
  • Home
  • World
  • National
  • Business
  • Economy & Politics
  • Election
  • Health
  • Technology
  • Auto
  • Sports
  • Entertainment
  • Lifestyle

© 2018 | Fortune World Media | MEDIA & ENTERTAINMENT CO. IN | Powered by Raja's Digital

Exit mobile version