ArcelorMittal SA reported a decline in sales for the fourth quarter of 2024, with sales totaling $14.7 billion, marking a 3.1% drop from the same period last year.
The steel giant's operating income plummeted 20.2% year over year to $529 million, while it posted a net loss of $390 million, a sharp reversal from the $287 million profit recorded in the previous year. Earnings also took a hit, with a diluted loss per share of $0.51, compared to earnings of $0.37 per share a year earlier.
For the full year 2024, the company reported an 8.5% decline in sales, totaling $62.4 billion. Despite the revenue drop, the company's net income surged 45.7% year over year to $1.3 billion, with its diluted earnings per common share rising to $1.69, up from $1.09 in the previous year.
The Luxembourg-based corporation projected demand in 2025 to grow "with low inventory levels, especially in Europe."
