Global steel giant ArcelorMittal said Wednesday, January 31st, that its net profit more than doubled last year as the global steel market grew. The company said in a statement that its net income was $ 4.6 billion, up from $ 1.8 billion a year earlier.
Underlying or operating income jumped 30% to $ 5.4 billion on a 21% increase in sales to $ 68.7 billion, it said in a statement.
“The combination of improving market fundamentals and realizing our strategic goals has contributed to a successful year for the company,” said the CEO of Lakshmi Mittal.
Looking ahead, market conditions were 'favorable' and the demand environment 'remained positive,' the company said in a statement.
“The market environment remains favorable, but the industry must continue to address the dual challenges of overcapacity and unfair trade,” said the CEO of Mittal.
ArcelorMittal says profit more than doubled in 2017
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