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5/5/2022, 7:10 AM (Source: TeleTrader)
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ArcelorMittal EPS up 120% to $4.28 in Q1

ArcelorMittal SA said on Thursday that its basic earnings per share (EPS) stood at $4.28 in the first quarter of 2022, marking a 120% increase from $1.94 recorded in the same period last year.

The steel manufacturing corporation's sales rose from $16.2 billion last year to $21.8 billion in the quarter to March this year, while net income jumped 78% year on year to reach $4.1 billion. Operating income amounted to $4.4 billion and EBITDA was $5 billion. ArcelorMittal also said its crude steel shipments fell 7% to 15.3 million metric tonnes.

CEO Aditya Mittal said results were affected by the conflict in Ukraine and rising inflationary pressures but noted ArcelorMittal still had a "strong" performance. "Our performance continues to be supported by consistent execution against our strategy. We have approved targeted investments in support of our decarbonization plans and continue to fund high-return projects in growth markets. This is achieved without compromising our balance sheet strength or returns to shareholders," he added.

Baha Breaking News (BBN) / NP