ArcelorMittal sales rise as CEO hails EU steel protections

ArcelorMittal said Thursday that second-quarter sales and profit rose, while chief executive Aditya Mittal welcomed European Union measures aimed at protecting local steel producers from imports.

The steelmaker said sales stood at $16.8 billion in the quarter and net profit was $683 million, both slightly higher than in previous quarters. Mittal said EU measures targeting imports from outside the bloc were creating a “more balanced competitive environment”.

The EU doubled customs duties on steel imports from July 1 and cut by nearly half the amount of steel that can be imported into the bloc without customs duties. Mittal also welcomed the EU Carbon Border Adjustment Mechanism, which is intended to make importers of materials including steel pay an equivalent price for emissions as European operators.

ArcelorMittal said income from its European business was up from last year, although the figures came before the EU quota changes took effect. Its shares were largely flat in morning trading in Europe.

Mittal also addressed the company’s safety record after staff protests in May. Protesters have claimed hundreds of employees died between 2013 and 2023, including 46 people in an October 2023 fire at a coal mine in Kazakhstan.

Mittal said ArcelorMittal had made “encouraging progress” on safety standards but accepted there was “more work to do”. He said the first half of this year had seen historically low levels of time lost to injuries and accidents, while the group said it was aiming for zero fatalities and serious injuries.