ArcelorMittal reports Q4 EPS 52c vs. $1.18 last year

Reports Q4 revenue $14.71B vs. $14.55B last year. Commenting, Aditya Mittal, ArcelorMittal (MT) CEO, said: “2024 saw the completion of the dss+ Group-wide safety audit, which was commissioned to help accelerate our progress to becoming a safer company. The recommendations are being implemented across the Group, with our teams everywhere determined to demonstrate that the significant efforts underway are yielding positive results. Last year was challenging from a global economic perspective, but, despite this EBITDA per tonne at $130 is considerably higher than the five- year-average pre-COVID. It is testament to the core strength of the Company that we are generating free cash flow, investing for growth and returning cash to shareholders in these markets. The long-term outlook for the steel industry is positive and our global presence means we have a unique opportunity to prioritize investment in markets where there is a strong outlook for growth and returns. We are particularly focused on Brazil, India, and the US, where we are enhancing our ability to meet automotive demand through a new high quality electric arc furnace at AM/NS Calvert and a new electric steel facility announced today. ArcelorMittal’s absolute emissions are down 50% from 2018, including steps taken to shape the business with a portfolio of lower carbon operations. Current decarbonization investment is focused on ramping up production of the electric arc furnace in Sestao, which produces high quality low-carbon flat products, and the new EAF in Gijon (Spain). Electric arc furnaces now comprise 25% of our global production, up from 19% in 2018. Looking to the year ahead, while inventory levels are low and apparent demand is expected to improve, our industry continues to be characterized by global overcapacity and we are supportive of policy to address this in our markets. Further action is particularly necessary in Europe, which was impacted by increased imports in 2024, further adding to the pressures on European manufacturing. It is critical that we see progress in 2025 both in providing necessary emergency relief and creating a policy environment that incentivizes the investment required to accelerate decarbonization in Europe.”