ArcelorMittal's sales shrink 14.5% YoY in 2023

ArcelorMittal, the second-largest steel producer in the world, posted annual sales of $68.3 billion for full-year 2023, shrinking by 14.5% compared with the prior year's $79.8 billion, according to the Luxembourg-based company's newly released financial results.

The slide in annual sales last year was mainly attributed to the 13.5% drop in its average steel selling prices as shipments were relatively stable during the year, the report noted. ArcelorMittal reported a total 55.6 million tonnes of steel shipments in 2023, dipping by a tiny 0.5% on year. In line with steel shipments,