Despite the strong earnings growth, the steel giant's total sales last year declined by 8.5% to $62.4 billion, largely due to a 7.6% drop in average steel selling prices and a 2.4% decrease in steel shipments.
The company's adjusted net income for 2024 fell sharply to $2.33 billion from $4.87 billion in 2023, impacted by higher foreign exchange losses, increased financing costs, and elevated tax-related charges.
Looking ahead, ArcelorMittal expects global steel demand to improve in 2025, particularly outside of China. The company projects global apparent steel consumption (excluding China) to grow 2.5% to 3.5% this year. For flat steel consumption, India is expected to lead with a growth rate of 6-7% in 2025, Europe and the U.S. may see increases of 0-2% and 1-3%, respectively, while flats demand in China and Brazil will remain stable.
CEO Aditya Mittal acknowledged the challenges of global overcapacity and the impact of rising steel imports on European manufacturing. He emphasized the need for policy action to support the industry, particularly in Europe, through emergency relief measures and incentives for decarbonization investments.
In 2024, ArcelorMittal continued to advance its decarbonization strategy, with absolute emissions down 50% from 2018. The company has been ramping up production at its electric arc furnace (EAF) facilities in Spain, with EAFs now comprising 25% of its total global production, up from 19% in 2018.
As part of its expansion strategy, ArcelorMittal announced on February 6 plans to establish an advanced manufacturing facility in Calvert, Alabama. The new plant will have an annual capacity of up to 150,000 tonnes of non-grain-oriented electrical steel (NOES), so as to meet the growing needs of the automotive sector.