On Thursday 8 February 2024, ArcelorMittal, the Luxembourg-headquartered integrated steel and mining company, announced its results for the three-month and twelve-month periods ended 31 December 2023.

Although protecting employee health and wellbeing is an overarching priority of the company, ArcelorMittal noted that its performance in this department was severely impacted by the deadly Kostenko mine accident on 28 October 2023. ArcelorMittal commissioned dss+ to conduct a comprehensive independent company-wide safety audit of its operations, to identify gaps and strengthen safety actions, processes and culture to help prevent serious accidents. Key recommendations concerning this are due to be published in September 2024.

In 2023, the company’s net income impacted by non-cash non-recurring items was $0.9 billion and its 2023 adjusted net income was $4.9 billion. The latter takes into account the end of Kazakhstan operations and a $1.4 billion impairment of Acciaierie d'Italia (ADI) in Italy.

Net debt rose to $2.9 billion at the end of 2023 (gross debt of $10.7 billion) compared to $2.2 billion at the end of 2022. As of 31 December 2023, the company had liquidity of $13.2 billion. In 2023, ArcelorMittal’s earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to $7.6 billion.

The company named growth as a top priority, including strategic investments (estimated to add approximately $1.8 billion to EBITDA growth by the end of 2026), decarbonised steel solutions and progressive capital allocation (e.g. increasing the annual base dividend to shareholders).

Commenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said: “[…] Our results for the full year reflect the benefits of the structural improvements we have made to our cost base, asset portfolio and balance sheet in recent years. Despite the operating environment becoming increasingly challenging as the year progressed, our profitability per tonne is healthy and well above long-term averages. This highlights the enhanced sustainability we have built into the business, enabling us to generate healthy cash flow to invest for future growth and return attractive levels of capital to our shareholders.”

He added: "Looking ahead, there are early signs of a more constructive industry backdrop. This, alongside the progress we are making with our portfolio of strategic growth projects - several of which will complete this year - means the company will continue to take important steps forward in its drive to be a stronger, more profitable, and of course safer, company."