ArcelorMittal’s (MT) Q4CY22 performance was in line with street estimates. Key points: 1) Shipments were impacted by destocking in Europe and conditions in Ukraine; 2) realisation was lower across all geographies leading to lower profitability; 3) blended EBITDA/te at US$100 slid to a two-year low but was still at a higher level compared to the recent low points in the cycle.