ArcelorMittal turns to profit in Q1

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ArcelorMittal
ArcelorMittal

ArcelorMittal (MT) reported first-quarter net income of 2.29 billion dollars or 1.93 dollars per share compared to a net loss of 1.12 billion dollars or 1.11 dollars per share in the prior year.

Operating income for the quarter was 2.6 billion dollars compared to an operating loss of 353 million dollars in the prior year, impacted by the impairments and exceptional items.

The prior result included exceptional items of 457 million dollars primarily due to inventory related charges in NAFTA and Europe.

Sales for the quarter were 16.2 billion dollars up from 14.8 billion dollars last year, primarily due to higher average steel selling prices, significantly higher seaborne iron ore reference prices and higher market-priced iron ore shipments offset by the impact of the AM USA disposal.

The company now expects apparent steel consumption in 2021 to be at or above the upper end of the prior range.

ArcelorMittal expects global apparent steel consumption in 2021 to grow between 4.5 to 5.5 per cent.

The company has also announced a new target to double the amount of women in management to 25 per cent by 2030.

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