Sales recovery boosts ArcelorMittal profitAutomotive News
ArcelorMittal closed the first quarter of 2017 with a net profit of 1,002 million dollars (921.7 million euros), compared to 416 million euros in the same period last year, thanks to the recovery of sales And steel prices.
The Group’s revenues grew 20% over the first quarter of 2016, to 16,086 million euros, and 13.9% compared to the last quarter of the previous year. The company noted that there has been a 10.2% increase in the average sale price of steel in the first quarter of the year compared to the last three months of 2016.
In terms of deliveries, 1.9% (-0.9% on a comparable basis) fell due to the lower volume registered in Brazil and Europe, although they have improved by 5.1% compared to the last quarter of 2016.
Operating income before depreciation and amortization (EBITDA) was $ 2,231 million, compared to $ 927 million for the same period last year, while operating profit was $ 1,576 million ($ 275 million in the first quarter of 2016) ).
The debt of the steel giant has closed the quarter at 12.1 billion dollars, compared to 11.1 billion with which ended 2016.
“All parts of the business have seen an improvement in ebitda as steel prices have responded to higher raw material costs and the strong volume of order growth,” said ArcelorMittal’s chairman and CEO, Lakshmi N. Mittal, who said he was “satisfied” with the group’s accounts in the first quarter.
“We expect market conditions to remain stable in the second quarter,” he added.
EXPANSION – BY D.B. – @dariobravof – 05/12/2017 (Translation Soft)