ArcelorMittal Turns To Profit In Q1 - Quick Facts

(RTTNews) - ArcelorMittal (MT) reported first-quarter net income of $2.29 billion or $1.93 per share compared to a net loss of $1.12 billion or $1.11 per share in the prior year.

Operating income for the quarter was $2.6 billion compared to an operating loss of $353 million in the prior year, impacted by the impairments and exceptional items. The prior result included exceptional items of $457 million primarily due to inventory related charges in NAFTA and Europe.

Sales for the quarter were $16.2 billion up from $14.8 billion last year, primarily due to higher average steel selling prices, significantly higher seaborne iron ore reference prices and higher market-priced iron ore shipments offset by the impact of the AM USA disposal.

The company now expects apparent steel consumption in 2021 to be at or above the upper end of the prior range.

ArcelorMittal expects global apparent steel consumption in 2021 to grow between +4.5% to +5.5%.

The company has also announced a new target to double the amount of women in management to 25% by 2030.