ArcelorMittal's first quarter net income vaults 67 per cent to nearly $1.07 billion
11 May 2011
Global steel major ArcelorMittal today reported a first quarter 2011 net income of $1,069 million, a 67 per cent increase from the $640 net income million posted in the same quarter of the previous year.
ArcelorMittal had reported a net loss of $780 million in the previous quarter (October-December 2010), amidst an increase in both shipments and selling prices.
Sales during the January-March 2011 rose to $22,184 million from $17,428 million in the corresponding quarter of the previous year.
"As anticipated, we have seen a stronger start to the year, with an increase in both shipments and selling prices. This is expected to further improve in the second quarter as the underlying demand recovery continues," ArcelorMittal chairman and CEO Lakshmi N Mittal said.
ArcelorMittal's steel shipments rose four per cent to 22 million tonnes in the first quarter of 2011. Prices also rose 7 per cent compared to the previous quarter, ArcelorMittal said in a statement.
The company expects steel shipments to increase further in the second quarter in line with higher capacity utilisation due to continued improvement in underlying demand and seasonal factors.