ArcelorMittal (MT) Q4 2024 earnings summary

Executive summary

• Delivered resilient FY 2024 results with $7.1bn EBITDA, $2.3bn adjusted net income, and $2bn investable cash flow, enabling countercyclical investment and $1.7bn returned to shareholders.

• Advanced strategic projects, including Liberia iron ore expansion, Calvert EAF commissioning, and new US electrical steel plant, with incremental EBITDA contributions expected.

• Achieved a 50% reduction in absolute CO2 emissions since 2018 through portfolio optimization and competitive asset focus.

• Maintains strong market positions in key geographies, supported by a tier-one balance sheet and strengthened safety culture.

• Net debt at year-end was $5.1bn, with liquidity of $12.0bn and 52 million shares repurchased in 2024.

Financial highlights

• FY 2024 EBITDA reached $7.1bn ($130 per ton shipped), adjusted net income was $2.3bn, and adjusted EPS was $2.95.

• FY 2024 sales declined 8.5% to $62.4bn due to lower steel prices and shipments.

• $1.7bn returned to shareholders in 2024, including a 6% share repurchase; dividend increased 10% to $0.55/share, up over 80% since 2020.

• Net debt at $5.1bn; all-in cash yield for 2024 was 8.4%.

• Book value per share at $64 at end of 2024.

Outlook and guidance

• Apparent steel demand is expected to increase in 2025, with world ex-China consumption forecast to grow 2.5–3.5%.

• Strategic projects expected to deliver $400m EBITDA uplift in 2025 and $600m in 2026, targeting $1.9bn strategic EBITDA growth.

• CapEx for 2025 projected at $4.5–$5.0bn, with flexibility to reallocate based on market and regulatory developments.

• Positive free cash flow anticipated in 2025, supported by working capital optimization and project completions.

• Board proposes a 10% increase in annual base dividend to $0.55/share.