ArcelorMIttal records $2,285 million net income in March quarter

ArcelorMittal recorded net income for 1Q 2021 of USD 2,285 million. as compared to net income of USD 1,207 million for 4Q 2020 and a net loss of USD 1,120 million for 1Q 2020," the Luxembourg-based firm said.

The world's leading integrated steel and mining company follows January-December fiscal year.

"The first quarter of this year has been our strongest in a decade. While this is naturally a very welcome development following a highly challenging 2020, we are mindful that COVID continues to be a health challenge across the world especially in developing economies. Nowhere is this more obvious at present than in India, where we have our AM/NS India JV with Nippon Steel," ArcelorMIttal Chief Executive Officer (CEO) Aditya Mittal said.

Operationally, he said, the company had a very positive start to the year. It is seeing a continuation of the positive market dynamics of the fourth quarter. ArcelorMittal has been bringing back production in-line with the demand recovery, which is supported by low inventory levels through the value chain.

Mittal further noted that the company''s priorities for the remainder of the year and beyond would be to maintain a competitive cost advantage, to strategically grow through high-return projects in high-growth markets, whilst leveraging existing infrastructure to develop its iron-ore resource, consistently return cash to shareholders via a defined capital return policy and to lead on sustainable development.