ArcelorMittal, the largest steel producer said it made a total of USD1.0 billion as net profit for the first quarter of the year 2017.
This is a significant result given its USD0.4 billion in posted in 4Q 2016.
Lakshmi N. Mittal, ArcelorMittal Chairman and CEO, said “ I am satisfied with the first quarter results, which reflect the anticipated positive momentum in the market and the progress we are making internally to make the business stronger. All parts of the business reported improved EBITDA as steel prices responded to higher raw material costs and strong volume growth saw steel shipments increase by 5.1% compared with the fourth quarter.
He added that “Our mining segment benefitted from an increase in iron-ore shipped at market prices as well as the higher raw material price environment. Looking ahead, we expect market conditions to be broadly stable in the second quarter. While this is encouraging, the steel industry is still impacted by unfair imports in many of our key markets and we hope to see further progress in ensuring the necessary trade solutions”.