India markets close in 2 hours 38 minutes
  • BSE SENSEX

    52,247.42
    -97.03 (-0.19%)
     
  • Nifty 50

    15,651.30
    -32.05 (-0.20%)
     
  • USD/INR

    74.2500
    +0.1110 (+0.15%)
     
  • Dow

    33,290.08
    -533.32 (-1.58%)
     
  • Nasdaq

    14,030.38
    -131.02 (-0.93%)
     
  • BTC-INR

    2,452,476.00
    -182,060.50 (-6.91%)
     
  • CMC Crypto 200

    814.21
    -125.74 (-13.38%)
     
  • Hang Seng

    28,428.50
    -372.77 (-1.29%)
     
  • Nikkei

    28,010.93
    -953.15 (-3.29%)
     
  • EUR/INR

    88.0480
    +0.0774 (+0.09%)
     
  • GBP/INR

    102.4844
    +0.1284 (+0.13%)
     
  • AED/INR

    20.1720
    +0.0310 (+0.15%)
     
  • INR/JPY

    1.4782
    -0.0052 (-0.35%)
     
  • SGD/INR

    55.1480
    +0.0680 (+0.12%)
     

ArcelorMittal reports best start to a year for a decade

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
FILE PHOTO: The logo of ArcelorMittal is pictured in front of heat rising from a red-hot steel plate at the ArcelorMittal steel plant in Ghent
  • Oops!
    Something went wrong.
    Please try again later.

By Marine Strauss

BRUSSELS (Reuters) - ArcelorMittal, the world's largest steelmaker, reported higher than expected first-quarter earnings on Thursday after what it said was its strongest quarter in a decade.

The company said it expects global steel demand to grow by between 4.5% and 5.5% this year, with inventories low after prolonged destocking, capacity utilisation rising and steel spreads healthy. Excluding China, that growth would be 8.5% to 9.5%, with a strong rebound expected in India.

The Luxembourg-based company reported first-quarter core profit (EBITDA) of $3.24 billion, more than three times the $967 million a year earlier and higher than the $2.97 billion average forecast in a company poll.

"The first quarter of this year has been our strongest in a decade," CEO Aditya Mittal said in a statement.

"We are seeing a continuation of the positive market dynamics of the fourth quarter and have been steadily bringing back production in line with the demand recovery, which is supported by low inventory levels through the value chain."

The group said it had benefited from a strong recovery in steel demand led by the auto industry, resulting in higher steel shipments and improved margins.

It also expects iron ore shipments of about 39 million tonnes this year, from 38.2 million tonnes in 2020.

(Reporting by Marine Strauss @StraussMarine; Editing by Philip Blenkinsop and David Goodman)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting