In millions of euros |
|
|
|
|
|
|
|
|
|
BY |
|
|
||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
1st quarter |
|
2nd quarter |
|
3rd quarter |
|
4th quarter |
|
2023/24 |
|
2022/23 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
1,643.6 |
|
1,484.7 |
|
1,374.6 |
|
1,584.9 |
|
6,087.8 |
|
6,650.3 |
|
–8.5 |
EBITDA |
|
174.2 |
|
181.1 |
|
156.9 |
|
174.4 |
|
686.6 |
|
1,120.4 |
|
–38.7 |
EBITDA margin |
|
10.6% |
|
12.2% |
|
11.4% |
|
11.0% |
|
11.3% |
|
16.8% |
|
|
EBIT |
|
110.0 |
|
116.7 |
|
93.3 |
|
108.3 |
|
428.3 |
|
862.5 |
|
–50.3 |
EBIT margin |
|
6.7% |
|
7.9% |
|
6.8% |
|
6.8% |
|
7.0% |
|
13.0% |
|
|
Employees |
|
10,657 |
|
10,748 |
|
10,617 |
|
10,747 |
|
10,747 |
|
10,636 |
|
1.0 |
The Steel Division recorded declines in its key financial figures in the business year 2023/24. Revenue fell by 8.5% from EUR 6,650.3 million to EUR 6,087.8 million. Admittedly, shipment volumes increased slightly in the reporting period. However, the Steel Division was confronted with falling prices after steel prices had risen sharply in the previous business year due to the massive increase in raw material and energy costs following the outbreak of the war in Ukraine.
After two business years at record levels, the Steel Division’s results were solid in the reporting period. However, the negative effects on the price side had a much greater impact than the reduction in expenses for raw materials and energy. Inflation-related cost increases, particularly in the area of personnel, also had a negative impact on the earnings trend. EBITDA therefore fell from EUR 1,120.4 million (margin of 16.8%) to EUR 686.6 million (margin of 11.3%) in the business year 2023/24. This is a drop of 38.7%. The previous year’s figures also included extraordinary write-downs of EUR 32 million on the 20% stake in the ArcelorMittal Texas HBI Group. Since the second quarter of 2022/23, this investment has been reported under the item “Share of profit of entities consolidated according to the equity method.” EBIT in the Steel Division fell by 50.3% from EUR 862.5 million (margin of 13.0%) to EUR 428.3 million (margin of 7.0%) in the reporting period.
The Steel Division’s financial performance indicators developed positively in the business year from Q3 to Q4 2023/24. Revenue increased by 15.3% from EUR 1,374.6 million to EUR 1,584.9 million in this period. One reason for the growth was the predominantly seasonal increase in shipment volumes. The price level was also very robust. The slight decline in prices for longer-term contracts was largely offset by better prices in quarterly business. EBITDA increased by 11.2% quarter-on-quarter from EUR 156.9 million (margin of 11.4%) to EUR 174.4 million (margin of 11.0%). This was mainly due to positive volume and mix effects. In terms of EBIT, the Steel Division reported an increase from EUR 93.3 million (margin of 6.8%) to EUR 108.3 million (margin of 6.8%) in a quarter-on-quarter comparison. This is an increase of 16.1%.
The number of employees (FTE) in the Steel Division rose by 1.0% from 10,636 to 10,747 as of March 31, 2024.
