ArcelorMittal beats earnings expectations on steel demand
ArcelorMittal, the world's second largest steelmaker, said it had "good growth" at the start of the year as it reported higher-than-expected first-quarter earnings.
Company ArcelorMittal said on Thursday that global steel demand, excluding China, should rise by 2-3% in 2023, and maintained expectations that its own supplies will increase by about 5% this year.
The Luxembourg-based company said on Thursday that core earnings (EBITDA) in the first quarter, the figure most monitored by the market, was $1.82 billion, well below last year's $5.08 billion but higher than the average forecast in the company's survey. of $1.64 billion.
ArcelorMittal said it has benefited from a gradual recovery in steel demand, which has led to a clear increase in steel consumption and a recovery in steel spreads, as well as improved production performance.
“The first quarter went as we expected. Geopolitical and economic uncertainties remain, but ArcelorMittal continues to demonstrate its ability to operate in any market conditions, which bodes well for the rest of this year,” ArcelorMittal CEO Aditya Mittal said in a statement.
The company said it would pay a dividend of $0.44 per share in two installments in June and December and said it would repurchase up to 85 million shares by 2025.