Business

ArcelorMIttal says March quarter was the strongest in a decade as it posts $2,285m net income

FILE PHOTO: Chairman of the Board of Directors and CEO of ArcelorMittal Lakshmi Mittal (L) sits beside his son and Chief Financial Officer of ArcelorMittal Aditya Mittal (R) prior to an Annual General Meeting of shareholders on May 8, 2012 at the ArcelorMittal Headquarters in Luxembourg. (JEAN-CHRISTOPHE VERHAEGEN/AFP via Getty Images)

By: Pramod Thomas

WORLD’s largest steelmaker ArcelorMIttal on Thursday (6) posted a net income of $2,285 million for the first quarter ended March 31, 2021.

The company had reported a net loss of $1,120m in the year-ago quarter, a statement said. It posted sales of $16,193 million, higher from $14,844 million in the year-ago quarter.

“ArcelorMittal recorded net income of $2,285m for the first quarter of 2021 as compared to net income of $1,207m for the last quarter of 2020 and a net loss of $1,120m for the same period a year ago,” the Luxembourg-based firm said.

ArcelorMIttal chief executive officer Aditya Mittal said: “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 Covidd continues to be a health challenge across the world especially in developing economies. Nowhere is this more obvious at present than in India, where we have our AMNS India joint venture with Nippon Steel.

“AMNS India is sending support wherever it can, including providing daily amounts of oxygen from our sites to local hospitals and setting up temporary medical facilities. Operationally, the company had a very positive start to the year. It is seeing a continuation of the positive market dynamics of the fourth quarter.”

The world’s leading integrated steel and mining company follows January-December fiscal year. The company has been bringing back production in-line with the demand recovery, which is supported by low inventory levels through the value chain, the statement added.

Mittal further noted that the company’s priorities for the remainder of the year and beyond would be to maintain a competitive cost advantage, to strategically grow through high-return projects in high-growth markets.

ArcelorMittal will also leverage existing infrastructure to develop its iron-ore resource, consistently return cash to shareholders via a defined capital return policy and to lead on sustainable development, he added.

The company’s steel shipments during the first quarter stood at 16.5 MT, compared to 19.5 MT in the same period a year ago.