ArcelorMittal posts threefold jump in Q4 net income at $4 bn

NEW DELHI: The world’s leading integrated steel and mining company ArcelorMittal on Thursday reported three-fold rise in net income at $4,045 million (around ₹30,100 crore) for the fourth quarter ended December 31, 2021.

The company had posted a net income of $1,207 million in the year-ago period.

Sales rose to $20,806 million in October-December 2021, over $14,184 million in the year-ago period. The company follows January-December fiscal year.

The net income is “attributable to equity holders of the parent.” In a statement, the company said “ArcelorMittal recorded net income for 4Q 2021 of $4,045 million ($3.93 basic earnings per common share), as compared to net income of $4,621 million for 3Q 2021 ($4.17 basic earnings per common share), and a net income of $1,207 million for 4Q 2020 ($1.01 basic earnings per common share).”

“2021 was a strong year in which we accelerated progress on many fronts. The global economic rebound post initial Covid-19 restrictions being lifted supported buoyant demand in all markets delivering very high levels of profitability. This further strengthened our balance sheet and enabled the delivery of consistent returns for shareholders as well as targeted investment in our business,” ArcelorMittal Chief Executive Officer Aditya Mittal said in a statement.

“The one area where we are not satisfied is safety. We want to do better and we have to do better. Across the organisation all our efforts are focused on this most important outcome,” he said.

Perhaps, most critically the company intensified its commitments to decarbonise, recognizing that steel can and must make a significant contribution to achieving net zero, he explained.