Thursday, May 19, 2022
HomegooglenewsArcelorMittal Q1 Results: Net income jumps over 80% to USD 4,125 mn

ArcelorMittal Q1 Results: Net income jumps over 80% to USD 4,125 mn

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.

ArcelorMittal is the world’s largest integrated steel and mining company. It follows January-December fiscal year.

The company further said its net debt declined by USD 878 million to USD 3.2 billion as of March 31, 2022 as compared to USD 5.9 billion on March 31, 2021.

Its capex guidance for financial year 2022 remains unchanged at USD 4.5 billion, of which USD 529 million is for Q1 2022.

Strategic capex envelope (including renewables project in India) increased to USD 3.65 billion to be spent between 2021-2024, of which USD 0.25 billion has been spent to date.

“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 a testimony to the resilience of the company’s business model, characterized by diversity of geography, product category and vertical integration, he said.

According to the company statement, its crude steel production during March quarter fell to 16.3 million tonne (MT) from 17.6 MT in the same period in 2021.

Sales in Q1 2022 were USD 21.8 billion as compared to USD 16.2 billion in the year-ago period.

Total steel shipments in Q1 2022 were 15.3 MT, lower than 16.5 MT in Q1 2021.

ArcelorMittal, which has presence in about 60 countries said, at the onset of the war in Ukraine, it had announced suspension of operations in the war-torn country to protect its people and assets.

“Since then we have slowly restarted operations, and are currently operating one of the three blast furnaces.” The pellet plant project in Ukraine has been temporarily suspended.

Its shipments have also been impacted by the ongoing war between Ukraine and Russia, the company said.

ArcelorMittal has been actively supporting the humanitarian relief efforts in Ukraine with USD 7.6 million donated so far.

ArcelorMittal Kryvyi Rih made a USD 1.0 million donation to humanitarian relief efforts in the city of Kryvyi Rih for the provision of food stocks, medical supplies and equipment for local hospitals.

In addition, ArcelorMittal is channeling donations from ArcelorMittal employees worldwide via UNICEF. Till date, over USD 5.6 million has been donated in this way.

The company also operated a program of voluntary evacuation to Poland and western Ukraine for family members of ArcelorMittal Kryvyi Rih employees, in response to demand. Till date, approximately 1,000 individuals have been safely evacuated. PTI ABI ABI ANU ANU

To stay updated with the latest Stock Market news, download our app here!

For editorial purposes, contact [email protected]

Disclaimer: The Stocks mentioned on this website or any segment are not recommendations. Tradebrains.in advises users to check with certified experts before taking any investment decisions.

Html code here! Replace this with any non empty raw html code and that's it.
AUTO
MOBILE
TECH NEWS

Entertainment

Most Popular