ArcelorMittal SA

Latest Results (11.05.2025):

ArcelorMittal SA reported robust financial results for the twelve-month period ended December 31, 2024. Despite challenging market conditions, the company achieved an adjusted net income of $2.3 billion and EBITDA of $7.1 billion, reflecting structural business improvements and strategic investments. The strong cash flow facilitated significant shareholder returns and ongoing strategic growth initiatives, while maintaining a solid financial position.

Safety Focus

ArcelorMittal maintained a strong commitment to employee health and safety, achieving a LTIF rate of 0.70x in FY 2024, down from 0.92x in FY 2023. The company implemented comprehensive safety audit recommendations to further enhance workplace safety across all operations.

Resilient Operating Results

The company reported an FY 2024 EBITDA of $7.1 billion (EBITDA/tonne of $130/t), driven by structural business improvements and regional diversification. Adjusted net income reached $2.3 billion, despite non-cash and exceptional items impacting the reported net income.

Cash Flow and Shareholder Returns

ArcelorMittal generated a net cash flow of $2.0 billion from operating activities after maintenance capex. The company invested $1.3 billion in strategic growth projects, returned $1.7 billion to shareholders through dividends and buybacks, and allocated $0.6 billion to mergers and acquisitions, maintaining an all-in cash yield of 8.4%.

Maintaining Financial Strength

As of year-end 2024, ArcelorMittal's net debt stood at $5.1 billion, supported by liquidity totaling $12.0 billion. The company continued its share repurchase program, reducing the total shares outstanding by 6.3% and enhancing shareholder value with a book value per share of $64.

Strategic Growth Initiatives

The company advanced its high-return strategic growth projects, increasing EBITDA potential by $1.9 billion. Key projects include the expansion of iron ore production in Liberia and the construction of a new EAF in Calvert, US, aimed at enhancing production capacity and entering new markets.

Economic Decarbonization

ArcelorMittal is accelerating its decarbonization efforts with investments in new EAF facilities in Spain, aiming to expand its XCarb® low carbon emissions steel offering. These initiatives are part of the company’s strategy to remain competitive and ensure a sustainable growth path.

Capital Returns

By the end of 2024, 92% of the 85 million share buyback program was completed. The Board proposed increasing the annual base dividend to $0.55 per share for FY 2025, reflecting the company’s commitment to returning value to shareholders while maintaining financial discipline.

Outlook

ArcelorMittal anticipates increased demand in FY 2025, supported by low inventory levels and expected restocking activity, particularly in Europe. The company plans to continue disciplined capital expenditure between $4.5 billion and $5.0 billion, focusing on strategic growth and decarbonization projects to sustain positive free cash flow in the coming years.