ArcelorMittal increased its steel production by 5.1% quarter-on-quarter – to 14.4 million tons in the first quarter of 2024. The figure decreased by 0.7% compared to the same period in 2023. This is stated in the quarterly report published on the company’s website. Iron ore production for the last quarter amounted to 10.2 million tons, up 2% quarter-on-quarter, but down 5.6% compared to January-March 2023. Steel shipments increased by 1.5% q/q and decreased by 6.9% y/y – to 13.5 million tonnes. ArcelorMittal reduced steel production by 1.5% year-on-year to 58.1 million tons in 2023. Last year, iron ore production decreased by 7.3% compared to 2022, to 42 million tons. Steel shipments for the year decreased by 0.5% y/y – to 55.6 million tons. The company’s net profit decreased by 54.1% y/y – to $4.87 billion.
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Steel NewsMay 11, 20241 min read