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ArcelorMittal notches up $1bn profit in Q1

15 May 2017

Global steel giant ArcelorMittal said Friday, 12 May, that "positive market momentum" and rising shipments enabled it to swing back into profit in the first quarter of 2017.

ArcelorMittal notches up $1bn profit in Q1

ArcelorMittal said in a statement that it booked a bottom-line profit of $1.0bn (€920m) in the period from January to March, compared with a net loss of €416m a year earlier.

Underlying profit more than doubled to $1.6bn while first-quarter sales jumped by 20% to $16.1bn, the statement said.

"I am satisfied with the first-quarter results, which reflect the anticipated positive momentum in the market and the progress we are making internally to make the business stronger," said chief executive Lakshmi Mittal.

"All parts of the business" reported an improvement in underlying earnings, Mittal said.

"Steel prices responded to higher raw material costs and strong volume growth saw steel shipments increase by 5.1% compared with the fourth quarter."

Looking ahead, ArcelorMittal expected market conditions "to be broadly stable in the second quarter", the CEO continued.

"While this is encouraging, the steel industry is still impacted by unfair imports in many of our key markets and we hope to see further progress in ensuring the necessary trade solutions," he added.

Source: AFP

Source: I-Net Bridge

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