MT - ArcelorMittal S.A. GAAP EPS of $4.25 misses by $0.05 revenue of $22.14B beats by $390M announces buyback

• ArcelorMittal S.A. press release ( NYSE: MT ): Q2 GAAP EPS of $4.25 misses by $0.05 .
• Revenue of $22.14B (+14.5% Y/Y) beats by $390M .
• Sales in 2Q 2022 were +14.5% higher as compared to 2Q 2021 primarily due to higher average steel selling prices (+30.8%) offset in part by lower iron ore reference prices (-31.2%).
• Last 12 months ROE of 34%; book value per share increased to $60/sh following the repurchase of 46.8m shares during the quarter (65.1m in 1H’22).
• The Company announces a new buyback program of 60m shares (~$1.4bn at current share price23) to be completed by the end of May 2023

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