Half-year results

Rebound for ArcelorMittal

ArcelorMittal has raised its climate ambitions. Photo: Matic Zorman / Maison Moderne

ArcelorMittal has raised its climate ambitions. Photo: Matic Zorman / Maison Moderne

ArcelorMittal’s net profit reached $6.3 bn in the first half of the year, marking its best performance since 2008, it announced on Thursday.

ArcelorMittal saw its sales jump 38% year-on-year to $35.5 bn in the first half of 2021. Its net profit rose to $6.3 bn, after a $1.7 bn loss a year earlier, when the covid-19 pandemic slowed both the demand and production of steel.

“The second quarter was marked by a continued strong recovery and a tight-flow environment,” Aditya MittalAditya Mittal, CEO of the Luxembourg-based multinational, commented on Thursday. “This translated into even healthier margins in our core markets than in the first three months of the year, underpinning the best quarterly and half-yearly results we have recorded since 2008,” he added.

ArcelorMittal has raised its steel demand forecast to 8.5% growth this year, up from a previous estimate of 5.5%.

Three Luxembourg sites certified as responsible

In addition to its financial results, the company published its new “Climate Action Report” in which it revised its climate ambitions upwards: for Europe, ArcelorMittal expects to reduce its co2 emissions by 35% by 2030, compared to 30% previously.

In Luxembourg, the Belval, Differdange and Rodange sites received their “ResponsibleSteel” certification last week, which certifies that steel production meets social, environmental and governance standards.

With a positive balance sheet and increased climate ambitions, all the lights seem to be green for ArcelorMittal.

This article was originally published on Paperjam. It has been translated and edited for Delano.