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ArcelorMittal says profits more than doubled in 2017

ArcelorMittal’s bottom-line net profit rose to $4.6 billion, up from $1.8 billion a year earlier.

business Updated: Jan 31, 2018 13:39 IST
Agence France-Presse
Agence France-Presse
Agence France-Presse, Paris
ArcelorMittal,Lakshmi Mittal,ArcelorMittal profits
ArcelorMittal said the market conditions were favourable, and the demand environment remains positive.(REUTERS)

Global steel giant ArcelorMittal said on Wednesday that its net profit more than doubled last year as the worldwide market for steel improved.

ArcelorMittal said in a statement that its bottom-line net profit amounted to $4.6 billion, up from $1.8 billion a year earlier.

Underlying or operating profit jumped by 30% to $5.4 billion on a 21% increase in sales to $68.7 billion, the statement said.

“The combination of improving market fundamentals and delivery against our strategic objectives contributed to a successful year for the company,” said chief executive Lakshmi Mittal.

Looking ahead, market conditions were “favourable,” and the demand environment “remains positive,” the company said.

“The market environment remains supportive but the industry must continue to address the twin challenges of overcapacity and unfair trade,” said Mittal.

First Published: Jan 31, 2018 13:38 IST