Multinational steel major ArcelorMittal posted a decline in net income for the first quarter of 2024 on Thursday.
Net income attributable to equity holders of the parent fell to $938 million, down from last year's $1.1 billion, the company said.
Basic earnings per share were $1.16, down from $1.28 a year ago.
Operating income declined to $1.07 billion from last year's $1.19 billion.
Earnings before interest, tax, depreciation and amortization (EBITDA) was also down to $1.96 billion from $2.14 billion in the prior year.
Sales for the quarter declined to $16.28 billion from last year's $18.50 billion.
Crude steel production was 14.4 million tons, steel shipments were 13.5 million tons and total Group iron ore production was 10.2 million tons, all lower than last year.
Further, the company said it will continue to return a minimum 50% of post-dividend FCF to shareholders through its share buyback programmes.
The $0.50/share base dividend for 2023 will be paid in two equal instalments in June and December 2024.
Looking ahead, ArcelorMittal said it remains positive on the medium and long-term steel demand outlook and believes that it is optimally positioned to execute its strategy of growth with capital returns.