ArcelorMittal Steel Shipments Surged 6.5%

The net income of $2.3 billion compares with $1.2 billion in the prior quarter.

SEATTLE (Scrap Monster): ArcelorMittal- the Luxembourg-based world’s leading integrated steel and mining company announced results for the first quarter of the current year.

The company reported significantly improved operating performance in 1Q 2021, aided by continued recovery in demand. The steel shipments surged higher by 6.5% from the sequential quarter to 16.5 million tonnes (Mt). The operating income for the quarter stood at $2.6 billion, compared to $2.0 billion in 4Q 2020. The EBITDA in 1Q 2021, at $3.2 billion, was 88% higher. The net income of $2.3 billion compares with $1.2 billion in the prior quarter.

The company delivered $0.3 billion of free cash flow, despite investment of $1.6 billion in working capital. The gross debt declined to $11.4 billion, compared with $12.3 billion at the end of the previous year. Also, the net debt declined from the end-2020 level of $6.4 billion to $5.9 billion at the end of the first quarter 2021.

Commenting on the results, Mr. Aditya Mittal, ArcelorMittal Chief Executive Officer said that the company reported a very positive start to the year. The company has been bringing back production in-line with the ongoing recovery in demand. One of the top priorities for the remainder of the year is to strategically grow through high-return projects in high-growth markets, he added.

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