<p>New Delhi: Global steel giant <a href="https://www.deccanherald.com/tags/arcelormittal">ArcelorMittal</a> on Thursday posted 10 per cent fall in net income at $900 million for the first quarter ended March 31, 2024.</p>.<p>It had posted a net income of $1 billion for the year-ago quarter, the company said in a statement.</p>.<p><a href="https://www.deccanherald.com/tags/luxembourg">Luxembourg</a>-based ArcelorMittal is the world's largest integrated steel and mining company. It follows January-December fiscal year.</p>.SC allows plea to appoint arbitrators in dispute between IOC and ArcelorMittal.<p>The company said it had a "net debt of $4.8 billion at the end of the quarter compared to a net debt of $2.9 billion on December 31, 2023. Over the past 12 months net debt has declined by $0.4 billion despite strategic growth capex investments of $1.6 billion and returns to shareholders totalling $1.7 billion." </p>.<p>Capex in Q1 2024 includes $400 million on strategic growth projects, which are estimated to add approximately $1.8 billion to the company's EBITDA by the end of 2026.</p>.<p>Capex in 2024 is expected to remain within the $4.5-5 billion range of which $1.4-1.5 billion is expected as strategic growth capex, the statement said.</p>.<p>Aditya Mittal, ArcelorMittal Chief Executive Officer, said: 'The improved pricing environment combined with recovering volumes resulted in sequentially stronger quarterly results. We have a pipeline of growth projects underway, including the 1 GW renewables project in India and Vega CMC in Brazil, both of which are expected to commence operations in the first half.' </p>.<p>According to the company statement, its crude steel production during the March quarter fell marginally to 14.4 million tonne (MT) from 14.5 MT in the same period in 2023.</p>.ArcelorMittal decides to return 2643 acres land meant for steel plant at Karnataka's Ballari, SC told.<p>Sales in Q1 2024 were at $16.28 billion as compared to $18.50 billion in the year-ago period. Steel shipments in first quarter of 2024 were 13.5 MT, lower than 14.5 MT in Q1 2023.</p>.<p>In India, ArcelorMittal in joint venture with Nippon Steel of Japan owns and operates about 9 million tonne steel plant in Gujarat.</p>.<p>In 2019, ArcelorMittal along with Nippon Steel completed the acquisition of the Essar Steel Limited plant located at Hazira in Gujarat, and later renamed it to ArcelorMIttal Nippon Steel (AMNS) India.</p>.<p>AMNS India produced and shipped 2 MT steel in Q1 2024.</p>.<p>"EBITDA during Q1 2024 declined by 37.5 per cent to $312 million as compared to $499 million in 4Q 2023, driven by a negative price-cost effect including a lower impact from natural gas hedges, offset in part by higher shipments," the statement said. </p>
<p>New Delhi: Global steel giant <a href="https://www.deccanherald.com/tags/arcelormittal">ArcelorMittal</a> on Thursday posted 10 per cent fall in net income at $900 million for the first quarter ended March 31, 2024.</p>.<p>It had posted a net income of $1 billion for the year-ago quarter, the company said in a statement.</p>.<p><a href="https://www.deccanherald.com/tags/luxembourg">Luxembourg</a>-based ArcelorMittal is the world's largest integrated steel and mining company. It follows January-December fiscal year.</p>.SC allows plea to appoint arbitrators in dispute between IOC and ArcelorMittal.<p>The company said it had a "net debt of $4.8 billion at the end of the quarter compared to a net debt of $2.9 billion on December 31, 2023. Over the past 12 months net debt has declined by $0.4 billion despite strategic growth capex investments of $1.6 billion and returns to shareholders totalling $1.7 billion." </p>.<p>Capex in Q1 2024 includes $400 million on strategic growth projects, which are estimated to add approximately $1.8 billion to the company's EBITDA by the end of 2026.</p>.<p>Capex in 2024 is expected to remain within the $4.5-5 billion range of which $1.4-1.5 billion is expected as strategic growth capex, the statement said.</p>.<p>Aditya Mittal, ArcelorMittal Chief Executive Officer, said: 'The improved pricing environment combined with recovering volumes resulted in sequentially stronger quarterly results. We have a pipeline of growth projects underway, including the 1 GW renewables project in India and Vega CMC in Brazil, both of which are expected to commence operations in the first half.' </p>.<p>According to the company statement, its crude steel production during the March quarter fell marginally to 14.4 million tonne (MT) from 14.5 MT in the same period in 2023.</p>.ArcelorMittal decides to return 2643 acres land meant for steel plant at Karnataka's Ballari, SC told.<p>Sales in Q1 2024 were at $16.28 billion as compared to $18.50 billion in the year-ago period. Steel shipments in first quarter of 2024 were 13.5 MT, lower than 14.5 MT in Q1 2023.</p>.<p>In India, ArcelorMittal in joint venture with Nippon Steel of Japan owns and operates about 9 million tonne steel plant in Gujarat.</p>.<p>In 2019, ArcelorMittal along with Nippon Steel completed the acquisition of the Essar Steel Limited plant located at Hazira in Gujarat, and later renamed it to ArcelorMIttal Nippon Steel (AMNS) India.</p>.<p>AMNS India produced and shipped 2 MT steel in Q1 2024.</p>.<p>"EBITDA during Q1 2024 declined by 37.5 per cent to $312 million as compared to $499 million in 4Q 2023, driven by a negative price-cost effect including a lower impact from natural gas hedges, offset in part by higher shipments," the statement said. </p>