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A sign marking ArcelorMittal USA's headquarters at the Crossings at Schererville is shown.
ArcelorMittal's profit slipped year-over-year to $3.9 billion in the second quarter.
That's down from $4 billion in the second quarter of 2021 and from $4.1 billion in the first quarter of 2022.
The Luxembourg-based steelmaker, whose North American headquarters is in Schererville, pulled in $5.2 billion in earnings before interest, taxes, depreciation and amoritization, which was up from $5 billion the previous quarter. It's the fifth straight quarter its EBITDA has been over $5 billion.
ArcelorMittal, which still has a global research and development lab in East Chicago after selling off most of its Northwest Indiana facilities to Cleveland-Cliffs, made $4.5 billion in operating income in the first quarter, up from $4.4 billion in the first quarter.
"The company had a strong first half with market conditions supporting a fifth consecutive quarter of EBITDA of over $5 billion. This enabled us to progress against our strategic objectives and continue to transform our business for the net zero economy," CEO Aditya Mittal said. "We have completed a number of targeted acquisitions reflecting the changing energy and metallic inputs required for low-carbon emissions steelmaking and are also seeking to strengthen our presence in regions that have the ability to produce low-cost green hydrogen such as Brazil, where we have today announced the proposed acquisition of one of the country’s lowest-cost slab producers.
In the second quarter, ArcelorMittal saw a 6.3% decline in steel shipments to 14.4 million tons. It was largely a result of lower shipments in Europe and the Commonwealth of Independent States in the former Soviet Union.
"The period, however, was overshadowed by the outbreak of war in Ukraine, where we have steel and mining operations, bringing instability and suffering to the country and our 26,000 employees," Mittal said. "Globally the conflict is impacting growth and adding further inflationary pressure, which is spilling over into weakening of demand. Despite the more uncertain global macro outlook, our business is well positioned to effectively manage through the cycle. The long-term outlook for steel demand also remains positive, underpinned by the scale of opportunity related to the energy transition and the continuing growth of developing economies."
ArcelorMittal ended the quarter with $8.8 billion in gross debt and $4.2 billion in net debt. It generated $1.7 billion in working cash flow while investing $1 billion in working capital in its operations worldwide.
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Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.
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A sign marking ArcelorMittal USA's headquarters at the Crossings at Schererville is shown.
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