Q2 2024 ArcelorMittal SA Earnings Call Transcript
Key Points
- ArcelorMittal SA (MT) has shown resilience in financial performance despite macro and micro challenges, with EBITDA per ton of $140 in the first half of 2024.
- The company has a strong balance sheet, enabling a focus on strategic execution and growth projects.
- Significant investments in strategic growth projects, including upstream resources and high-growth markets like India, are expected to provide structural upside to EBITDA and cash flows.
- ArcelorMittal SA (MT) has consistently returned capital to shareholders, with $1.1 billion returned through buybacks and dividends in the first half of 2024.
- The company is making progress in safety improvements, with a safety audit on track to be finalized this quarter.
- The European market remains challenging with declining real demand, and the company has revised downwards its apparent steel consumption forecast for Europe for 2024.
- Prices in the US have come down significantly, which could impact profitability.
- The company faces ongoing challenges in Ukraine, including power availability and logistics issues.
- The macroeconomic climate remains uncertain, affecting the company's ability to predict future performance accurately.
- There are concerns about the sustainability of current steel spreads, with prices eating into the cost curve.
Good afternoon, everyone. This is Daniel Fairclough from the Ascometal Investor Relations team. Thank you for joining this call to discuss also Mitchell's performance and progress over the first half of 2020 for Leading today's call will be a Group CFO, Mr. Ge, and we know Kristina.
Before we begin, I would like to mention a few housekeeping items. As usual, we will not be going through the results presentation, which was published this morning on our website. However, I do want to draw your attention to the disclaimers on Slide number two of that presentation as normal. And we know we'll make some opening remarks before moving directly to the Q&A session.
So if you would like to ask a question, then please do press star one on one on your telephone keypad to join the queue and if you want to exit the queue, just repeat that stat saw one one over to you, gentlemen.
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