This benefits ArcelorMittal fell 38% in 2022 due to the contraction in the steel market, especially in the last months of the year when the multinational decided to shut down some of its main production facilities, including one of the two blast furnaces in Gijón. In the last quarter, the decrease in profit was 93%.
Net income for fiscal 2022 was $9.3 billion compared to $15.0 billion in 2021. 2022 operating result was $10,300 million (compared to $17 billion in 2021) and EBITDA of $14.2 billion (compared to $19.4 billion in 2021).
“Despite the challenges that emerged as the year progressed, our results during the year demonstrate the advantages offered by our strengthened portfolio of assets and the improvements we have made in our cost structure recently. ArcelorMittal CEO Aditya Mittal said that the measures adopted in the second half to adapt production levels and optimize energy consumption strengthen our company’s resilience. .
ArcelorMittal closed the year 2022 with a historical minimum of $2,200 million in net debt. (compared to 4,000 million at the end of 2021). At the end of 2022, gross debt stood at $11.7 billion and cash and cash equivalents totaled $9.4 billion (US$).
“Our continued positive free cash flow generation and the robustness of our balance sheet have allowed us to drive the growth and development of the Company by taking advantage of opportunities in higher-growth markets while making significant progress towards our growth target. We position ourselves as leaders in low-carbon steel production.” Customers formed in the second half of 2022 peaked, which will help increase apparent steel consumption and steel product margins. growth strategy, sustainable profitability and sustainable profitability in all phases of the decarbonized Cycle”, stated ArcelorMittal CEO.
The multinational steel company estimates the number of investments in the 2023 fiscal year will be between $4,500 and $5,000 million. The company is awaiting approval from the European Commission for public assistance to launch an investment of more than €1,000m in Asturias to decarbonize the Gijón factory.
Source: Informacion
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