- ArcelorMittal’s Q1 core earnings surpass expectations, with a 34.6% increase in EBITDA at $1.96 billion.
- Sales rose by 11.9% to $16.3 billion, driven by higher steel selling prices and shipment volumes.
- CEO Aditya Mittal anticipates 3-4% growth in global steel demand outside China this year, citing improved pricing and recovering volumes.
ArcelorMittal, the world’s second-largest steelmaker, posted robust Q1 results, outperforming analyst forecasts. The company reported a significant increase in core earnings, with EBITDA reaching $1.96 billion, exceeding the expected $1.81 billion. This growth was fueled by improved performance across various regions, including North America, Brazil, Europe, and India.
Sales for the quarter surged by 11.9% to $16.3 billion, attributed to higher average steel selling prices and increased steel shipment volumes. CEO Aditya Mittal expressed optimism about future prospects, citing a positive pricing environment and recovering volumes. He reiterated the company’s expectation of 3-4% growth in global steel demand outside China this year.
Despite challenges in the steel industry, including weaker construction activity in Europe and issues in China’s real estate sector, ArcelorMittal remains confident in the outlook for steel demand. The company anticipates a rebound in apparent demand as economic sentiment improves, particularly in Europe. Additionally, AMNS India, a joint venture with Nippon Steel, recorded strong performance in Q1, contributing to ArcelorMittal’s positive trajectory.
