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ArcelorMittal posts three-fold jump in Q4 net income at $4,045 million

The company had posted a net income of USD 1,207 million in the year-ago period

ArcelorMittal | Steel producers | ArcelorMittal consortium

Press Trust of India  |  New Delhi 

arcelormittal, steel maker
The firm said the epidemic may affect ArcelorMittal’s operations in certain regions

The world's leading integrated steel and mining company on Thursday reported three-fold rise in net income at USD 4,045 million (around Rs 30,100 crore) for the fourth quarter ended December 31, 2021.

The company had posted a net income of USD 1,207 million in the year-ago period.

Sales rose to USD 20,806 million in October-December 2021, over USD 14,184 million in the year-ago period.

The company follows January-December fiscal year.

The net income is "attributable to equity holders of the parent."

In a statement, the company said " recorded net income for 4Q 2021 of USD 4,045 million (USD 3.93 basic earnings per common share), as compared to net income of USD 4,621 million for 3Q 2021 (USD 4.17 basic earnings per common share), and a net income of USD 1,207 million for 4Q 2020 (USD 1.01 basic earnings per common share)."

"2021 was a strong year in which we accelerated progress on many fronts. The global economic rebound post initial COVID-19 restrictions being lifted supported buoyant demand in all markets delivering very high levels of profitability. This further strengthened our balance sheet and enabled the delivery of consistent returns for shareholders as well as targeted investment in our business," Chief Executive Officer Aditya Mittal said in a statement.

"The one area where we are not satisfied is safety. We want to do better and we have to do better. Across the organisation all our efforts are focused on this most important outcome," he said.

Perhaps, most critically the company intensified its commitments to decarbonise, recognizing that steel can and must make a significant contribution to achieving net zero, he explained.

"We stated an ambition to reduce our CO2e intensity by 25% by 2030 and continue to invest in multiple technology routes that will help us succeed. We launched our XCarb vision which includes an investment fund into the clean energy technologies that support this transformation," he said.

Working in collaboration with stakeholders, the company was able to accelerate progress at a number of its plants in Europe and also in Canada. The company's aim is to demonstrate what is possible by having the world's first near zero-emissions steel plant, he said.

Commenting on the performance of ArcelorMittal Nippon Steel India(AM/NS India), Mittal said, "2021 was a strong year for our people and our business. I want to thank the entire ArcelorMittal Nippon Steel India team for their commitment during Covid, and for supporting the communities around us. Today, our people remain safe, and our business is stronger."

Aditya Mittal is the chairman of AM/NS India.

AM/NS India itself achieved record production, shipments and Ebitda in 2021, despite the burden of higher energy and commodity prices, he said.

"We are getting more out of our existing operations at Hazira through debottlenecking and are on track to achieve 8.8 million tonne capacity by the end of next year. And we are creating new capacity to support India's growth. India is a vibrant market and we remain committed to playing a strong and responsible role in helping India achieve its ambitions," he said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Thu, February 10 2022. 14:28 IST