Luxembourg-based ArcelorMittal, the world's largest steelmaker, has announced its consolidated financial results for the first quarter of the current year, reporting a net profit of $1 billion, increasing from the net profit of $403 million recorded in the fourth quarter of 2016. During the first quarter, the company's sales revenues increased by 14 percent quarter on quarter to $16.08 billion, primarily due to higher average steel selling prices, higher steel shipments, higher seaborne iron ore reference prices and higher market-priced iron ore shipments. In the given quarter, ArcelorMittal's EBITDA increased by 34 percent to $2.23 billion, compared to the previous quarter
ArcelorMittal's crude steel production amounted to 23.6 million mt in the first quarter, up 8.25 percent, while its iron ore production increased by 0.7 percent to 14 million mt, both quarter on quarter.
In the given quarter, the company’s steel shipments totaled 21.1 million mt, rising by 5.5 percent from the previous quarter.
“All parts of the business reported improved EBITDA as steel prices responded to higher raw material costs and strong volume growth saw steel shipments increase by 5.1 percent compared with the fourth quarter. Our mining segment benefitted from an increase in iron ore shipped at market prices as well as the higher raw material price environment. Looking ahead, we expect market conditions to be broadly stable in the second quarter. 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,” stated Lakshmi N. Mittal, ArcelorMittal’s CEO and chairman.