ArcelorMittal Posts Huge Quarterly Profit

Steel manufacturer ArcelorMittal (MT) Thursday posted a huge profit for the second quarter, as sales surged more than 76 percent from last year, reflecting higher prices and steel shipments together with a surge in iron ore reference prices.

The Group posted a net income of $4.00 billion or $3.46 a share for the second quarter, compared to a net loss of $559 million or $0.50 a share last year. Operating income for the quarter reached $4.4 billion, as compared to an operating loss of $253 million a year ago.

ArcelorMittal generated quarterly sales of $19.3 billion, 76.2 percent higher than last year's $11.0 billion. The Group attributed the significant growth to higher average steel selling prices and steel shipments as well as a surge in iron ore reference prices. These were partially offset by the impact of lower iron ore shipments.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
IntegraDose Compounding Services, LLC has recalled a total of eleven lots of antibiotic medication cefazolin in the form of injection for the potential lack of sterility assurance, the U.S. Food and Drug Administration or FDA said in a statement. The lack of sterility resulted from compounding in a newly installed biologic safety cabinet without completing dynamic smoke study testing. While reporting financial results for the fourth quarter on Thursday, professional services company Accenture Plc (ACN) initiated earnings and revenue growth outlook for the full-year 2022, above analysts' estimates and also provided revenue outlook for the first quarter. For fiscal 2022, the company... Impossible Foods Inc., a plant-based meat maker, is bringing its new plant-based pork product to the restaurants in U.S., Hong Kong and Singapore. Starting Thursday, Impossible pork will be available at Momofuku Ssäm Bar in Manhattan, New York City. It will serve Spicy Rice Cakes with Impossible Pork Ragu. Restaurants across the U.S. and Hong Kong can now order Impossible Pork for their menus.
Follow RTT