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ArcelorMittal turns to profit in Q1

Staff Writer |
ArcelorMittal recorded first-quarter net income of $1.00 billion, or $0.33 per share compared to a net loss of $416 million, or $0.23 per share, prior year.

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Operating income was $1.6 billion compared to $275 million, a year ago.

First-quarter sales were $16.1 billion compared to $13.4 billion, prior year.

Sales were 20.1% higher primarily due to higher average steel selling prices, higher seaborne iron ore reference prices and higher market-priced iron ore shipments offset in part by lower steel shipments.

Total steel shipments were 1.9% lower as compared to prior year primarily due to lower shipment volumes in Brazil, Europe and ACIS offset in part by improved shipments in NAFTA.

On a comparable basis, total steel shipments were 0.9% lower as compared with 21.2 million metric tonnes for prior year.

Lakshmi Mittal, ArcelorMittal 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.

"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."

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