ArcelorMittal Q4 net income up 16 pc to USD 1.19 billion

Steel giant ArcelorMittal Thursday reported a 15.53 per cent jump in its net income to USD 1.19 billion for the quarter ended December 31, 2018, backed by higher sales among other factors.

The world's largest steel-maker had posted a net income of USD 1.03 billion in the year-ago quarter, the company said in a statement.

The company reported a "net income attributable to equity holders of the parent" of USD 1.19 billion in the fourth quarter.

World's leading integrated steel and mining company which follows January-December calendar, reported FY2018 net income of USD 5.1 billion, 12.7 per cent higher as compared to USD 4.6 billion for FY2017.

"Sales in 4Q 2018 were 3.5 per cent higher as compared to 4Q 2017 primarily due to higher average steel selling prices (8.2 per cent) and higher market-priced iron ore shipments (18.2 per cent), offset in part by lower steel shipments (-) 3.6 per cent," the company said.

During the quarter the company recorded sales to the tune of USD 18.32 billion as against USD 17.71 billion in the corresponding quarter a year-ago.

It also said that exceptional net gains for the quarter under review were USD 29 million while the same for the year-ago quarter was "nil".

ArcelorMittal Chairman and CEO Lakshmi N Mittal said: "2018 was a year of positive momentum for ArcelorMittal characterised by important strategic and financial progress. Operating in a healthy market environment, the company enjoyed a strong financial performance, delivering substantial profitability improvement,"
On Essar Steel, Mittal said "...our bid for Essar can provide us with a quality, scalable presence in the rapidly expanding India steel market."
The company further said that improved asset portfolio through the completed acquisitions of Votorantim in Brazil and Ilva in Italy, as well as "being selected as the successful bidder for Essar Steel India Limited (ESIL) in partnership with Nippon Steel & Sumitomo Metal Corporation Group (NSSMC), which subject to completion, would provide improvement potential and growth optionality."