Arcelor Mittal announced quarterly earnings growth and sales as it increased steel shipments and benefited from higher steel prices.
Europe’s largest steelmaker said sales stood at $ 20.81 billion, up from $ 14.18 billion a year ago, thanks to significantly higher average steel sales prices.
EBITDA stood at $ 5.05 billion, up from $ 1.73 billion a year ago, although it was lower than $ 6.06 billion in the third quarter.
Analysts expected $ 4.95 billion in EBITDA, according to estimates.
Shipments of steel accounted for 15.8 million tonnes, up 7.9% from the previous quarter, following a reversal of production constraints and shipment delays that affected the third quarter, ArcelorMittal said.
The Luxembourg-based company announced that it expects steel shipments in 2022 to increase by 3% compared to 2021, and expects strong EBITDA and cash flow performance.
Source: Capital
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