ArcelorMittal’s sales revenues up 19.2 percent in Q1 amid higher steel prices

Friday, 11 May 2018 16:01:30 (GMT+3)   |   Istanbul
       

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 $1.19 billion, increasing by 19 percent compared to the corresponding quarter of 2017. During the first quarter, the company's sales revenues increased by 19.2 percent year on year to $19.18 billion, due to higher average steel selling prices, higher steel shipments and higher market-priced iron ore shipments, offset in part by lower seaborne iron ore reference prices. In the given quarter, ArcelorMittal's EBITDA increased by 12.5 percent year on year to $2.51 billion.

ArcelorMittal's crude steel production amounted to 23.3 million mt in the first quarter, down 1.3 percent, while its iron ore production increased by 4.3 percent to 14.6 million mt, both on year-on-year basis.

In the given quarter, the company’s steel shipments totaled 21.3 million mt, rising by 1.4 percent from the same quarter of the previous year, primarily due to higher steel shipments in Brazil and Europe.

“The outlook for 2018 has strengthened as the year has progressed, with the combination of growing demand and supply-side reform driving higher capacity utilization rates and healthy steel spreads globally. Against this improving backdrop, we continue to focus on structural improvement - through the delivery of our Action 2020 strategic plan - and investing with focus and discipline in opportunities that will drive higher future returns. Our acquisition of Italian steelmaker Ilva has now received competition clearance from the European Commission and we expect to complete this acquisition by the end of the second quarter of this year,” stated Lakshmi N. Mittal, ArcelorMittal’s CEO and chairman.


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