ArcelorMittal, a Luxembourg-based multinational steel manufacturing corporation, declared its financial performance. In the fourth quarter of 2023, its adjusted net income was US$982 million, decreasing by 17.5% year on year. Meanwhile, its total sales dropped about 14% year on year to US$14,552 million.

In the whole year of 2023, ArcelorMittal reported its revenues amounting to US$68.27 billion, falling by 14.5% year on year. The net income totaled about US$919 million, falling from US$9.3 billion in 2022. During the same period, the adjusted net income was US$4.9 billion, compared to US$10.6 billion in 2022.

ArcelorMittal forecasted that global steel demand will rebound in 2024 while the end of destocking almost approaches. Although global challenges, such as modest real demand growth and economic uncertainties, still exist, the apparent steel consumption, excluding China, will increase by between 3% and 4% year on year in 2024.