The world's largest steelmaker ArcelorMittal today reported a 19 per cent jump in its net income to USD 1.19 billion for the quarter ended March 31, 2018.
The firm, led by billionaire Lakshmi N Mittal, also saw its net debt decrease to USD 11.1 billion.
The company had posted a net income of USD 1 billion in the year-ago period.
Sales of the steel giant rose 19.27 per cent to USD 19.18 billion in January-March period from USD 16.08 billion in the corresponding period last year.
ArcelorMittal follows the January-December fiscal year.
The Luxembourg-based firm reported a lower net debt of USD 11.1 billion as compared to USD 12.1 billion in the year-ago quarter. The net debt included working capital investment of USD 1.9 billion, share buyback USD 0.2 billion and forex USD 0.2 billion.
ArcelorMittal's Chairman and CEO Lakshmi Mittal said: "The improvement in global steel market dynamics has continued into 2018, supporting an encouraging financial performance in the first quarter. EBITDA increased 13 per cent year-on-year to USD 2.5 billion, while net income improved by 19 per cent to USD 1.2 billion."
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