ArcelorMittal earns 27.9% more in the first half, up to 7,926 million

MADRID, 28 Jul. (EUROPA PRESS) -

ArcelorMittal obtained an attributable net profit of 8,048 million dollars (7,926 million euros) in the first half of 2022, which represents an advance of 27.9% compared to the result recorded in the first six months of the previous year and supposes the best first semester for the steel company since 2008.

ArcelorMittal's sales between January and June totaled 43,978 million dollars (43,311 million euros), 23.7% more than in the same period of the previous year, mainly driven by the average increase of 37.7% in the price of steel .

Between April and June, the multinational obtained an attributed net profit of 3,923 million dollars (3,863 million euros), 2% below the result registered in the second quarter of 2021, while its sales increased by 14.5%, up to 22,142 million dollars (21,806 million euros).

"The company had a solid first half (...) However, the period was overshadowed by the outbreak of war in Ukraine, where we have steel and mining operations," said Aditya Mittal, CEO of ArcelorMittal, for whom the conflict is affecting growth and adding inflationary pressure worldwide.

However, the executive said that the long-term outlook for steel demand remains positive, supported by opportunities related to the energy transition and growth in developing economies.

"The potential for restrictions in energy supply presents a clear but, so far, uncertain risk for economic activity in Europe," warned the multinational, highlighting possible downside risks to demand forecasts, particularly in the Old Continent, given the gas supply risks, and in China due to the impact of the lockdowns related to Covid-19.

On the other hand, the multinational has announced the launch of a new share buyback program for up to 1,400 million dollars (1,379 million euros), which will be completed by the end of May 2023.