ArcelorMittal SA said on Thursday that its basic earnings per share (EPS) stood at $0.63 in the second quarter of fiscal 2024, sinking 128% compared to the same period in 2023.
The steel and iron manufacturing corporation's sales fell from $18.6 billion in the same period last year to $16.2 billion in the quarter to June 2024, while net income tumbled from $1.86 billion to $504 million. Operating income amounted to $1 billion and EBITDA was $1.86 billion.
"Financially, performance in the second quarter was broadly similar to the first, reflecting the continued subdued economic sentiment. Inventories are at a low level which will support apparent steel demand growth ex-China of between 2.5% and 3% this year. The Company enjoys a healthy balance sheet, from which it can continue to invest for growth and market share and consistently return cash to shareholders," CEO Aditya Mittal commented.
