ArcelorMittal said quarterly sales and profits rose as higher steel sales exceeded falling shipments due to the war in Ukraine.
Europe’s largest steel company said net profit stood at $ 4.13 billion in the quarter to the end of March, up from $ 2.29 billion in the same period last year.
Sales stood at $ 21.84 billion, up from $ 16.19 billion a year ago, thanks to higher steel prices, despite falling orders, in the fourth quarter of 2021.
EBITDA stood at $ 5.08 billion, up from $ 3.24 billion a year ago, and close to $ 5.05 billion in the fourth quarter.
Analysts had expected an EBITDA of $ 4.57 billion.
The company stressed that it has slowly started its activities in Ukraine and is currently operating one of its three blast furnaces in the Kryvyi Rih region.
The company now expects steel consumption to shrink slightly this year, whereas it previously expected growth.
“Nevertheless, it is clear that the long-term fundamental prospects for steel are positive,” said Aditya Mittal, CEO.
The company also announced a second plan to buy $ 1 billion worth of treasury shares, bringing the total amount of purchases for 2022 to $ 2 billion so far.
Source: Capital
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