Steel giant ArcelorMittal’s Q1 net income jumps over 80% to $4,125 million

NEW DELHI: Global steel giant ArcelorMittal on Thursday posted 80.52 per cent growth in net income at USD 4,125 million (about Rs 31,350 crore) for the first quarter ended March 31, 2022.

It had posted a net income of USD 2,285 million for the year-ago quarter, the company said in a statement.

“ArcelorMittal recorded net income for 1Q 2022 of USD 4,125 million as compared to…a net income of USD 2,285 million for 1Q 2021,” the Luxembourg-based firm said.

The world’s largest integrated steel and mining company follows January-December fiscal year.

“Our first quarter performance was overshadowed by the war in Ukraine. Our focus has been on providing support to our 26,000 colleagues and their communities at a time of tragedy and hardship,” Aditya Mittal, ArcelorMittal Chief Executive Officer, said.

Notwithstanding this backdrop, further aggravated by rising inflationary pressures across the world, ArcelorMittal produced a strong first quarter performance. This is testimony to the resilience of the company’s business model, characterized by diversity of geography, product category and vertical integration, he said.

Source: Press Trust of India

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back To Top