ArcelorMIttal posts $2,285 mn net for Q4

New Delhi: Global steel giant ArcelorMittal on Thursday posted a net income of $2,285 million for the first quarter ended March 31. The world's largest steelmaker had posted a net loss of $1,120 million in the year-ago quarter, the company said in a statement.

"ArcelorMittal recorded net income for 1Q 2021 of $2,285 million... as compared to net income of $1,207 million for 4Q 2020 and a net loss of $1,120 million for 1Q 2020," the Luxembourg-based firm said.

The world's leading integrated steel and mining company follows January-December fiscal year. ArcelorMIttal Chief Executive Officer Aditya Mittal said, "The first quarter of this year has been our strongest in a decade. While this is naturally a welcome development following a highly challenging 2020, we are mindful that COVID-19 continues to be a health challenge across the world especially in developing economies." He added that currently, nowhere is this more obvious than in India, where we have our AMNS India JV with Nippon Steel.

AMNS India is sending support wherever it can, including providing daily amounts of oxygen from its sites to local hospitals and setting up temporary medical facilities, he said.

Operationally, he said, the company had a positive start to the year. It is seeing a continuation of the positive market dynamics of the fourth quarter. ArcelorMittal has been bringing back production in line with the demand recovery, which is supported by low inventory levels through the value chain.

Mittal further noted that the company's priorities for the remainder of the year and beyond would be to maintain a competitive cost advantage and to strategically grow through high-return projects in high-growth markets leveraging existing infrastructure to develop its iron-ore resource.

The firm's priorities will also be to consistently return cash to shareholders via a defined capital return policy and to lead on sustainable development.

The company's crude steel output was at 17.6 million tonne (MT), compared with 21.1 MT in January-March 2021. Steel shipments stood at 16.5 MT, against 19.5 MT a year ago.

ArcelorMIttal posted sales of $16,193 million, higher from $14,844 million in the year-ago quarter. Meanwhile, in a separate statement, AMNS India, the joint venture in which ArcelorMittal holds 60 per cent stake, said it has reported an Ebitda of $403 million for the March 2021 quarter, compared with $140 million a year ago. Ebitda stands for earnings before interest, taxes, depreciation, and amortisation.

The company's crude steel production stood at 1.8 million tonne in January-March 2021, against 1.7 MT a year ago.

AMNS India CEO Dilip Oommen said, "As the country (India) battles the second wave of the pandemic, AMNS India remains committed to supporting the country's collective efforts."