ArcelorMittal posts $4 billion net income in April-June quarter

Global steel giant ArcelorMittal on Thursday posted a net income of USD 4,005 million for the second quarter ended June 30, 2021.

The world's largest steelmaker had clocked a net loss of USD 559 million in the year-ago quarter, the company said in a statement.

The Luxembourg-headquartered integrated steel and mining company follows the January-December fiscal year.

Sales in April-June quarter of 2021 were at USD 19.3 billion, as compared to USD 11.0 billion in the second quarter in 2020.

The company said that total steel shipments in the second quarter of 2021 were 30.6 per cent higher at 16.1 million tonne (MT), compared to 14.8 MT in the corresponding quarter of the preceding year.

According to the company, its gross debt was at USD 9.2 billion as of June 30, 2021.

Aditya Mittal, ArcelorMittal Chief Executive Officer, said: "The quarter has seen a continued strong recovery backdrop alongside a sustained lean inventory environment. Our performance is very welcome after the unprecedented disruption the business and our people faced in 2020."

"Looking forward, we see the demand outlook further improving into the second half and have therefore upgraded our steel consumption forecasts for the year."

Meanwhile, ArcelorMittal Nippon Steel India (AMNS India), a joint venture between ArcelorMittal and Japan-based Nippon Steel Corporation, has generated EBITDA of USD 607 million in the quarter under review, as compared to USD 107 million in Q2 2020.

The JV company produced 1.8 Mt crude steel as against 1.2 in April-June 2020.