ArcelorMittal posts three-fold jump in net income

ARCELORMITTAL, the world's leading integrated steel and mining company, on Thursday (10) reported a three-fold rise in its net income at $4.04 billion (£3.24 bn) for the fourth quarter ended on December 31, 2021.

It had posted a net income of $1.2 bn (£880 million) in the year-ago period.

Sales rose to $20.80 bn (£15.32 bn) in October-December 2021, over $14.18 bn (£10.45) in the year-ago period.

The basic earnings per common share for the quarter stood at $3.93 (£2.90) compared to $1.01 (74p) during the same period a year earlier.

The company follows the January-December fiscal year.

ArcelorMittal chief executive officer Aditya Mittal said 2021 was a strong year in which “we accelerated progress on many fronts.”

He said, “the global economic rebound post initial Covid-19 restrictions being lifted supported buoyant demand in all markets delivering very high levels of profitability. This further strengthened our balance sheet and enabled the delivery of consistent returns for shareholders as well as targeted investment in our business."

"The one area where we are not satisfied is safety. We want to do better and we have to do better. Across the organisation all our efforts are focused on this most important outcome," he said.

According to him, the company “intensified” its commitments to decarbonise.

"We stated an ambition to reduce our CO2e intensity by 25 per cent by 2030 and continue to invest in multiple technology routes that will help us succeed. We launched our XCarb vision which includes an investment fund into the clean energy technologies that support this transformation."

On ArcelorMittal Nippon Steel India (AM/NS India), Mittal said, "2021 was a strong year for our people and our business. I want to thank the entire ArcelorMittal Nippon Steel India team for their commitment during Covid, and for supporting the communities around us. Today, our people remain safe, and our business is stronger."

He is the chairman of AM/NS India.

AM/NS India achieved record production, shipments and Ebitda (earnings before interest, taxes, depreciation and amortisation) in 2021, despite the burden of higher energy and commodity prices, he said.

"We are getting more out of our existing operations at Hazira through debottlenecking and are on track to achieve 8.8 million ton capacity by the end of next year. And we are creating a new capacity to support India's growth. India is a vibrant market and we remain committed to playing a strong and responsible role in helping India achieve its ambitions," he said.

(PTI)