Luxembourg-based ArcelorMittal, the world’s largest steelmaker, has announced its financial results for the first quarter of the current year.
In the first quarter this year, ArcelorMittal posted a net profit of $2.28 billion, as compared to a net profit in the fourth quarter last year of $1.21 billion. The company’s sales revenues in the given period increased by 14.2 percent to $16.19 billion as compared with $14.18 billion for the fourth quarter, due to higher realized average steel selling prices and increased mining sales revenue. The company registered an EBITDA of $3.24 billion in the first quarter, up 87.3 percent quarter on quarter.
ArcelorMittal’s crude steel production decreased by 6.4 percent to 17.6 million mt in the first quarter, while its iron ore production decreased by 13.1 percent to 13.3 million mt, both compared to the previous quarter. The company’s total steel shipments in the given period amounted to 16.5 million mt, down by 4.6 percent quarter on quarter, as economic activity continued to gradually recover.
The European segment’s crude steel production increased by 6.4 percent quarter on quarter to 9.7 million mt in the first quarter as demand and activity levels improved, including automotive, industrial production and manufacturing activity. In March this year, the company restarted blast furnace B in Ghent, Belgium following a planned major relining.
“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,” Aditya Mittal, ArcelorMittal chairman and CEO, said.
According to the company’s statement, economic activity progressively improved during the first quarter this year, with a favorable supply-demand balance. ArcelorMittal said it expects global apparent steel consumption in 2021 to rise by between 4.5 percent and 5.5 percent based on the current economic outlook and in line with its previous guidance.