ArcelorMittal Posts Higher Profit In Q1

Steel manufacturing company ArcelorMittal (MT) on Thursday reported net income of $4.125 billion or $4.28 per basic share in the first quarter, higher than $2.285 billion or $1.94 per basic share in the same quarter a year ago, helped by growth in revenue.

EBITDA, or earnings before interest, taxes, depreciation, and amortization, increased to $5.08 billion from $3.242 billion in the year earlier period.

Sales for the quarter increased to $21.836 billion from $16.193 billion last year, primarily due to
significantly higher average steel selling prices.

"Market conditions are currently strong although we are now anticipating apparent steel consumption to contract slightly this year compared with 2021," commented Aditya Mittal, ArcelorMittal Chief Executive Officer.

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