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From 13.5 million tonnes in the first quarter of 2024 to 13.9 million tonnes in the second, there was a 3.2% rise in steel shipments. The impact of decreasing steel prices was somewhat mitigated by these increased shipments and decreased costs.
Net income decreased to $0.5 billion in the second quarter of 2024 from $0.9 billion in the first, mostly as a result of the non-cash mark-to-market effect on Vallourec shares. As of June 30, 2024, the corporation had gross debt of $11.1 billion, cash and cash equivalents of $5.9 billion, and net debt of $5.2 billion at the conclusion of the quarter. Ongoing capital returns and expansion investments are supported by this solid financial position.
ArcelorMittal produced $2.6 billion in investable cash flow in the previous year, of which $1.8 billion was distributed to shareholders and $1.5 billion was spent in strategic growth initiatives.
AM/NS India produced 1,867 kt of steel in 2Q 2024, up from 1,792 kt in 2Q 2023 but down from 1,984 kt in 1Q 2024. A decrease in average steel selling prices and scheduled maintenance caused a 12.9% drop in sales to $1.6 billion in the second quarter of 2024 from $1.8 billion in the first quarter. The 2Q 2024 EBITDA decreased to $237 million from $312 million in the 1Q 2024 due to lower shipments and a negative price-cost impact.
The infrastructure for electricity evacuation in the 1GW India renewables project in Andhra Pradesh is almost finished, and commissioning has started. With the $0.7 billion capital expenditure project, AMNS India will be able to cover more than 20% of its plant’s energy needs, including $0.1 billion in EBITDA and cost-competitive, reliable, 24/7 renewable power.
ArcelorMittal anticipates that India will have another successful year; apparent growth in steel consumption is expected to increase by 7.5% to 9.5%, as opposed to the earlier estimate of 6.5% to 8.5%.
Group Media Publication
Construction, Infrastructure and Mining
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