ArcelorMittal posts net profit in H1, representing strongest half year performance since 2008

Thursday, 29 July 2021 11:30:14 (GMT+3)   |   Istanbul

Luxembourg-based ArcelorMittal, the world’s largest steelmaker, has announced its financial results for the first half of the current year.

In the first half this year, ArcelorMittal posted a net profit of $6.29 billion, as compared to a net loss in the first half last year of $1.68 billion. The company’s sales revenues in the given period increased by 37.6 percent year on year to $35.54 billion. The company registered an EBITDA of $8.29 billion in the first half, compared to an EBITDA of $1.67 billion in the corresponding period of the previous year. The company’s net profit and EBITDA in the first half represents the strongest half year performance since 2008.

ArcelorMittal’s crude steel production decreased by 0.3 percent to 35.4 million mt in the first half, while its iron ore production decreased by 12.1 percent to 24.5 million mt, both year on year. The company’s total steel shipments in the given period amounted to 32.6 million mt, down by 4.9 percent year on year.

The European segment’s crude steel production increased by 12.4 percent year on year to 19.1 million mt in the first half.

The company also published its second Climate Action Report. Accordingly, the company aims a 25 percent reduction in carbon emissions by 2030.

ArcelorMittal stated that it sees the demand outlook further improving into the second half and have therefore upgraded its steel consumption forecasts for the year. The company has upgraded its global apparent steel consumption forecast in 2021 to rise by between 7.5 percent and 8.5 percent compared to the previous guidance of 4.5-5.5 percent.

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