ArcelorMittal’s (MT) Q1CY23 performance was ahead of the street’s expectations on all parameters. Key points: 1) end of destocking in key markets resulted in higher shipments; 2) EBITDA/te rebounded 26% QoQ from a cyclical low of US$100; 3) energy costs have reduced considerably from H2CY22 highs; 4) AM/NS India performance improved QoQ led by higher volumes and steel prices.