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ArcelorMittal Q1 profit up

Staff Writer |
ArcelorMittal reported that its net income attributable to equity holders of the parent for the first-quarter of 2018 rose to $1.192 billion or $1.17 per share, from $1.002 billion or $0.98 per share in the same quarter last year.

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Sales for the quarter grew 19.3% to $19.2 billion from the prior year's $16.1 billion primarily due to higher average steel selling prices (+18.2%), higher steel shipments (+1.4%), and higher market-priced iron ore shipments (+5.5%), offset in part by lower seaborne iron ore reference prices (-13.1%).

Total steel shipments in the first-quarter of 2018 were 1.4% higher as compared with 21.1Mt for 1Q 2017 primarily due to higher steel shipments in Brazil (+11.5%) and Europe (+4.8%) offset in part by lower shipments in ACIS (-6.0%) and NAFTA (-0.9%).

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