Steel manufacturer ArcelorMittal on Thursday posted a huge profit for the second quarter, as sales surged more than 76 per cent from last year, reflecting higher prices and steel shipments together with a surge in iron ore reference prices.
The Group posted a net income of 4.00 billion dollars or 3.46 dollars a share for the second quarter, compared to a net loss of 559 million dollars or 0.50 dollars a share last year.
Operating income for the quarter reached 4.4 billion dollars, as compared to an operating loss of 253 million dollars a year ago. ArcelorMittal generated quarterly sales of 19.3 billion dollars, 76.2 per cent higher than last year’s 11.0 billion dollars.
The Group attributed the significant growth to higher average steel selling prices and steel shipments as well as a surge in iron ore reference prices. These were partially offset by the impact of lower iron ore shipments.