MT - ArcelorMittal Q2 earnings cut in half; lowers steel demand forecast

2023-07-27 10:27:51 ET

ArcelorMittal ( NYSE: MT ) -2.6% in Thursday's trading after reporting lower Q2 earnings , as steel shipments and average steel selling prices both declined.

The steelmaker said Q2 net profit plunged by nearly half to $1.86B from $3.92B in the year-earlier quarter, EBITDA tumbled 49% Y/Y to $2.6B, and revenues fell 16% to $18.6B.

Analysts had anticipated $1.45B in net profit and $2.49B in EBITDA, according to a company-provided consensus.

ArcelorMittal ( MT ) said it shipped 14.2M metric tons of steel in Q2 compared with 14.5M tons in Q1, and produced 14.7M tons of crude steel compared with 14.5M tons in Q1.

The company said it expects global steel demand excluding China will grow by 1%-2% this year, down from a previously forecast range of 2%-3%, citing higher U.S. interest rates and weak construction activity in Europe.

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