ArcelorMittal achieved a net attributable profit of 1,100 million dollars (992.4 million euros) in the first three months of 2023, which represents a decrease of 73.4% compared to the result recorded in the first quarter of 2022, which was was affected by the start of the war in Ukraine.

As the multinational announced this Thursday, if this result is compared with that of the previous quarter, its earnings for the period January-March 2023 have multiplied by more than four those obtained in the last quarter of 2022.

Sales of the largest European steel company in the first quarter of the year totaled 18,501 million dollars (16,692 million euros), 15.3% less than in the same period last year.

For its part, ArcelorMittal’s gross operating result (Ebitda) stood at 1,822 million dollars (1,644 million euros) up to March, 64.1% below the figure of a year earlier.

The CEO of the steel company, Aditya Mittal, has highlighted that, although market conditions improved in the first quarter, with a rebound in steel spreads, “they have not yet been fully reflected in the results due to the lack of fixation of prices”.

“The improvements we have seen in market conditions are not yet fully reflected in our results due to price lag and we expect a further increase in profitability in the second quarter,” Mittal stressed.

“Geopolitical and economic uncertainty persists, but ArcelorMittal continues to demonstrate its ability to perform in all market conditions, which bodes well for the rest of the year,” added the company’s CEO.

The company has repurchased 19.1 million shares so far in 2023, thus completing the previously announced repurchase program and bringing the total reduction in the number of diluted shares since September 30, 2020 to 31%.

ArcelorMittal has further announced its intention to buy back up to 85 million shares by May 2025.

The company has also announced that it will pay a dividend of $0.44 per share (0.36 euros), divided into two equal tranches of $0.22 per share (0.18 euros), payable in June and December of this year. .