ArcelorMittal posts increased net profits Q1 & H1 2018
Luxembourg steel giant, ArcelorMittal posted a net profit of $1.9 billion in the second quarter, up 41%, according to results released on 1 August 2018.
The positive earnings for Q1 and H1 2018 were attributed to favourable market conditions and productivity efforts, according to a press release, which also noted "encouraging" prospects for the second half of the year.
The statement added, “Quarterly sales amounted to $20 billion, up 16% year-on-year, driven primarily by higher steel sales prices, but also by higher shipments of steel and iron ore at market prices.”
ArcelorMittal CEO Lakshmi Mittal commented that “The encouraging results reflect both structural improvements in the global steel industry and within ArcelorMittal itself thanks to its competitiveness plan Action 2020.”
Looking toward the remainder of 2018, Mittal said, “The outlook is encouraging for the second half of the year.” He believes that the current favourable market conditions will continue and that the group is in a good position to benefit from it, thanks to its leading position in many markets.
"We believe that the underlying fundamentals of the industry are improving, although more needs to be done to address the issue of global overcapacity," he added.