ArcelorMittal hails ‘strongest quarter in a decade’
GLOBAL steel giant ArcelorMittal last Thursday (6) posted a net income of $2,285 million (£1,613m) for the first quarter ended March 31, 2021.
The world’s largest steelmaker posted a net loss of $1,120m (£790m) in the year-ago quarter, the Luxembourgbased company said in a statement.
“ArcelorMittal recorded net income for 1Q 2021 of $2,285 million... as compared to net income of $1,207 million for 4Q 2020 and a net loss of $1,120 million for 1Q 2020,” it added.
The world’s leading integrated steel and mining company follows a January-December fiscal year.
“The first quarter of this year has been our strongest in a decade. While this is naturally a very welcome development following a highly challenging 2020, we are mindful that Covid continues to be a health challenge across the world especially in developing economies. Nowhere is this more obvious at present than in India, where we have our AM/NS India JV with Nippon
Steel,” ArcelorMittal chief executive officer (CEO) Aditya Mittal said.
“AMNS India is sending support wherever it can, including providing daily amounts of oxygen from our sites to local hospitals and setting up temporary medical facilities.”
Its crude steel output was at 17.6 million tonne (MT), compared to 21.1 MT in January-March 2021. Steel shipments during the quarter under review was 16.5 MT, compared to 19.5 MT in the same period a year ago.
ArcelorMIttal posted sales of $16,193m (£11,434m), higher from $14,844m (£10,482m) in the same quarter a year ago.
The company had a positive start to the year, Mittal said. ArcelorMittal has been bringing back production in-line with the demand recovery.
Mittal added that the company’s priorities for 2021 would be to grow through high-return projects in highgrowth markets and to lead on sustainable development.