ArcelorMittal Q4 net income up 16 pc to USD 1.19 billion

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

London: Steel giant ArcelorMittal on Thursday reported a 15.53 per cent jump in its net income to USD 1.19 billion for the quarter ended December 31, 2018.

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.

"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," ArcelorMittal Chairman and CEO Lakshmi N Mittal said.

He said having considerably strengthened its balance sheet in recent years, the company also regained its investment grade credit rating.

Moreover, the acquisitions of Votorantim and Ilva, both completed in 2018, provide the company with enhanced leadership positions in key markets, he added.

On Essar Steel, Mittal said "...our bid for Essar can provide us with a quality, scalable presence in the rapidly expanding India steel market."

He further noted that although the issue of global overcapacity persists and there are well publicised macro-economic risks, the company expects further, moderate global steel demand growth this year.

"Having considerably strengthened the company in recent years, we are in a strong position to generate healthy levels of free cash and prosper through the cycle," he said.

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries.

It had revenues of USD 76.0 billion and crude steel production of 92.5 million tonnes, while own iron ore production reached 58.5 million tonnes.