Luxembourg-based ArcelorMittal, the world's largest steelmaker, has announced its consolidated financial results for 2017. ArcelorMittal said that the combination of improving market fundamentals and delivery against its strategic objectives contributed to a successful year for the company. ArcelorMittal’s Action 2020 plan has delivered half of its targeted EBITDA gains and the company has succeeded in transforming its balance sheet.
In 2017, ArcelorMittal registered a net profit of $4.56 billion, compared to a net profit of $1.78 billion recorded in the previous year. In the year in question, the company's sales increased by 20.9 percent year on year to $68.67 billion, primarily due to higher average steel selling prices, higher steel volumes, higher seaborne iron ore reference prices and higher marketable iron ore shipments. Total steel shipments amounted to 85.2 million mt in 2017, rising by 1.5 percent year on year. In the given year, ArcelorMittal's EBITDA rose by 34.4 percent to $8.4 billion, compared to 2016.
ArcelorMittal's crude steel production amounted to 93.1 million mt in 2017, up 2.5 percent year on year, while its iron ore production increased by 3.9 percent year on year to 57.4 million mt.