ArcelorMittal says profits more than doubled in 2017

1 Feb 2018

Global steel giant ArcelorMittal said Wednesday, 31 January, that its net profit more than doubled last year as the worldwide market for steel improved.

Image source: www.pixabay.com

ArcelorMittal said in a statement that its bottom-line net profit amounted to $4.6bn, up from $1.8bn a year earlier.

Underlying or operating profit jumped by 30% to $5.4bn on a 21% increase in sales to $68.7bn, the statement said.

"The combination of improving market fundamentals and delivery against our strategic objectives contributed to a successful year for the company," said chief executive Lakshmi Mittal.

Looking ahead, market conditions were "favourable," and the demand environment "remains positive," the company said.

"The market environment remains supportive but the industry must continue to address the twin challenges of overcapacity and unfair trade," said CEO Mittal.

Source: AFP

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za