Latest news with #AdityaMittal
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Business Standard
16 hours ago
- Business
- Business Standard
Arcelormittal Q2 results: Net income surges over 3-fold to $1.79 billion
Steel and mining major ArcelorMittal on Thursday posted an over threefold jump in net income to $1,793 million in the June quarter, primarily due to the impact of exceptional items. The company, which also has a presence in India through JV AMNS India, had posted a net income of $504 million in the corresponding period of the previous fiscal. The net income is attributable to equity holders of the parent company. Luxembourg-based ArcelorMittal follows January to December as its financial year. Net income increased to $1,793 million in the second quarter of 2025 compared to $805 million in the first quarter of 2025, primarily due to the impact of $ 0.8 billion exceptional items (net of impairments and tax effects), ArcelorMittal said in a statement. Net income in H1 or January-June 2025 also rose to $2,598 million compared to $1,442 million in the six months of 2024, mainly driven by $0.8 billion in exceptional items (net of impairments and tax effects) and higher foreign exchange gains. ArcelorMittal CEO Aditya Mittal said: "Halfway through the year, it is encouraging that we are seeing an improvement in our safety results compared with 2024. Turning to the financial performance, as anticipated, we saw an improved quarter, with EBITDA per tonne reaching a healthy $ 135." ArcelorMittal's strong balance sheet and diverse business model allow it to invest in growth while delivering consistent shareholder returns through an ongoing programme of share buybacks, he said, adding that the company's unique global presence enables it to benefit from high-growth markets such as India and Brazil, as well as take advantage of new opportunities such as renewable energy. The company further said that its income from associates, joint ventures and other investments was higher in 2Q 2025 at $199 million, compared to $99 million in 1Q 2025, primarily due to a higher income from AMNS India. AMNS India's EBITDA (earnings before interest, taxes, depreciation and amortisation) during the June quarter of 2025 improved significantly, driven primarily by higher steel selling prices. In 2Q 2025, the sales from the JV with Nippon Steel increased by 2.8 per cent to $1.5 billion against $1.4 billion in the first quarter of 2025, primarily due to an increase in average steel prices - supported by safeguard measures introduced in April 2025 - offset by a 5.7 per cent decline in steel shipments. On the outlook, the company said that due to ongoing tariff headwinds, economic activity remains subdued, and no restocking has been observed as customers maintain a "wait and see" approach. This has created some headwinds to demand that were not anticipated at the beginning of the year. For India, it said that the industry here continues to be the fastest-growing major steel market, with demand well supported, particularly by infrastructure investment. In the second quarter, the company produced 14.4 million tonnes (MnT), down from 14.7 MnT in April-June 2024. Shipments at 13.8 MnT were almost flat during the second quarter. Sales reduced to $15,926 million in Q2 2025 from $16,249 million a year ago, while on a quarter-on-quarter basis, it was a rise compared to $14,798 million. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
News18
17 hours ago
- Business
- News18
ArcelorMittal net income grows over 3-fold to USD 1,793 mn in Apr-Jun
Last Updated: New Delhi, Jul 31 (PTI) Steel and mining major ArcelorMittal on Thursday posted an over threefold jump in net income to USD 1,793 million in the June quarter, primarily due to the impact of exceptional items. The company, which also has a presence in India through JV AMNS India, had posted a net income of USD 504 million in the corresponding period of the previous fiscal. The net income is attributable to equity holders of the parent company. Luxembourg-based ArcelorMittal follows January to December as its financial year. Net income increased to USD 1,793 million in the second quarter of 2025 compared to USD 805 million in the first quarter of 2025, primarily due to the impact of USD 0.8 billion exceptional items (net of impairments and tax effects), ArcelorMittal said in a statement. Net income in H1 or January-June 2025 also rose to USD 2,598 million compared to USD 1,442 million in the six months of 2024, mainly driven by USD 0.8 billion in exceptional items (net of impairments and tax effects) and higher foreign exchange gains. ArcelorMittal CEO Aditya Mittal said: 'Halfway through the year, it is encouraging that we are seeing an improvement in our safety results compared with 2024. Turning to the financial performance, as anticipated, we saw an improved quarter, with EBITDA per tonne reaching a healthy USD 135." ArcelorMittal's strong balance sheet and diverse business model allow it to invest in growth while delivering consistent shareholder returns through an ongoing programme of share buybacks, he said, adding that the company's unique global presence enables it to benefit from high-growth markets such as India and Brazil, as well as take advantage of new opportunities such as renewable energy. The company further said that its income from associates, joint ventures and other investments was higher in 2Q 2025 at USD 199 million, compared to USD 99 million in 1Q 2025, primarily due to a higher income from AMNS India. AMNS India's EBITDA (earnings before interest, taxes, depreciation and amortisation) during the June quarter of 2025 improved significantly, driven primarily by higher steel selling prices. In 2Q 2025, the sales from the JV with Nippon Steel increased by 2.8 per cent to USD 1.5 billion against USD 1.4 billion in the first quarter of 2025, primarily due to an increase in average steel prices – supported by safeguard measures introduced in April 2025 – offset by a 5.7 per cent decline in steel shipments. On the outlook, the company said that due to ongoing tariff headwinds, economic activity remains subdued, and no restocking has been observed as customers maintain a 'wait and see" approach. This has created some headwinds to demand that were not anticipated at the beginning of the year. For India, it said that the industry here continues to be the fastest-growing major steel market, with demand well supported, particularly by infrastructure investment. In the second quarter, the company produced 14.4 million tonnes (MnT), down from 14.7 MnT in April-June 2024. Shipments at 13.8 MnT were almost flat during the second quarter. Sales reduced to USD 15,926 million in Q2 2025 from USD 16,249 million a year ago, while on a quarter-on-quarter basis, it was a rise compared to USD 14,798 million. PTI ABI ABI SHW view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
France 24
18 hours ago
- Business
- France 24
US tariffs corrode steelmaker ArcelorMittal's profitability
Net profit for the period from January through June rose 39 percent from the same period in 2024 to hit $2.6 billion, thanks to a $1.7 billion exceptional gain from acquiring a stake in a US unit ceded by Nippon Steel. But operating earnings that strip out interest costs, depreciation and taxes, slid by 10 percent to $3.4 billion, notably due to US tariffs on steel imports. US President Donald Trump doubled tariffs on steel and aluminium to 50 percent at the beginning of June, including on its neighbour Canada which is the largest foreign supplier to the United States, as well as Mexico. ArcelorMittal says its global footprint, it produces steel in 15 countries and serves customers in 129, enables it to benefit from high-growth markets such as India and Brazil. However the introduction of US steel tariffs complicates ArcelorMittal's operations in North America, where it has factories in Canada, Mexico and the United States. First half sales slid 5.5 percent to $30.7 billion, but that 7.5 percent drop in average steel prices. "The underlying strength of the business is good, but like every company we must navigate the backdrop of ongoing geopolitical and tariff disruptions," chief executive Aditya Mittal said in a statement. "Despite the many challenges facing global business today, I am confident that ArcelorMittal has a profile that will enable us to continue to grow and thrive," he added. Mittal said gaining full ownership in Calvert by acquiring the stake from Nippon Steel strengthens its capabilities to produce high-quality steel products for a range of customers including the automotive industry. He urged the European Union to detail the measures it plans to take to protect its market from a flood of cheap Chinese steel imports. "It remains a crucial year for European steelmaking, and I sincerely hope that Europe will hold good onto its commitment to defend and prioritize its domestic steel industry," said Mittal. He added that the trend in Europe to boost government spending on defence and infrastructure was positive for the steel industry. ArcelorMittal's shares slumped 3.9 percent in Paris where the CAC 40 index was up 0.4 percent. © 2025 AFP
Time of India
23-05-2025
- Business
- Time of India
Boston Celtics secure $1 billion investment from Indian steel tycoon Aditya Mittal in historic $6.1 billion sale
The Boston Celtics are set for a transformative ownership shift after Indian steel magnate Aditya Mittal committed a staggering $1 billion to the franchise. This investment is part of a landmark $6.1 billion sale led by private equity executive William Chisholm, marking one of the most expensive team acquisitions in NBA history. Tired of too many ads? go ad free now Aditya Mittal becomes second-largest stakeholder in the Boston Celtics Aditya Mittal, CEO of global steel leader ArcelorMittal and son of billionaire Lakshmi Mittal, will emerge as the ' second-biggest owner after Chisholm. Mittal's involvement bridges a crucial funding gap for Chisholm's ownership group and positions him for a potential role as alternate governor in the future. Boston Celtics Jayson Tatum (Image via Getty). Key details about the ownership transition: - Primary investor: William Chisholm will take over as team governor after the 2027-28 season, succeeding current governor Wyc Grousbeck. - Mittal's role: While remaining ArcelorMittal CEO, Mittal will bring his business expertise to the Celtics' strategic decisions. - Governance shift: The Grousbeck family, who guided the team to four Finals appearances since 2002, will relinquish their majority stake. Why the Boston Celtics sale comes at a critical juncture The ownership change arrives during a pivotal offseason for the Celtics. After a second-round playoff exit and concerns over injury, the franchise faces roster adjustments and financial challenges. Aditya Mittal's investment provides stability and resources to navigate: - Luxury tax implications - Offseason roster moves - Long-term championship contention A Mittal spokesperson called the Boston Celtics investment a 'tremendous opportunity,' emphasizing his commitment to both the NBA franchise and his corporate leadership role. (H/t ) The NBA Board of Governors is expected to approve the sale this summer, solidifying the Celtics' valuation as a benchmark in professional sports. The deal also highlights the growing trend of international investors entering American sports ownership. With Aditya Mittal's $1 billion backing, the franchise gains not only financial muscle but also global business acumen. The new ownership group will focus on: 1. Stabilizing the team's competitive future 2. Managing salary cap challenges 3. Leveraging Mittal's international network for brand growth Also read: The Celtics' $6.1 billion sale sets a new precedent, proving that elite NBA franchises remain lucrative assets for high-profile investors.
USA Today
22-05-2025
- Business
- USA Today
Report: Indian steel magnate Aditya Mittal adds $1 billion investment in Boston Celtics
Report: Indian steel magnate Aditya Mittal adds $1 billion investment in Boston Celtics Per new reporting from Sportico's Scott Soshnick, Kurt Badenhausen, and Eben Novy-Williams, the Boston Celtics new ownership group just got a little bigger -- and the solution to the financing gaps for incoming Celtics majority owner Bill Chisholm is the new addition to to the ownership group. According to Sportico, Indian steel magnate Aditya Mittal is investing a billion dollars into the team, and will thus likely become the Celtics' second-largest individual stakeholder and could also be the ball club's alternate Governor after Chisholm as the lead team Governor. Per the article, "Mittal is the son of Lakshmi Mittal, who serves as executive chairman of $62 billion-in-revenue ArcelorMittal, the world's second-largest steel and mining company after China's state-owned Baowu." "Lakshmi started Mittal Steel in the late 1980s and merged the company with France's Arcelor in 2006," they add. "Aditya has long been a huge supporter of the Boston Celtics," reportedly wrote a spokesperson for Mittal. "When Wyc and Bill approached Aditya, he saw it as a tremendous opportunity to get involved with this incredible team. Obviously, he remains super focused on ArcelorMittal and also very much looks forward to supporting the team further."
