Arcelor Mittal posts three-fold jump in Q4 net

New Delhi: The world’s leading integrated steel and mining company ArcelorMittal on Thursday reported three-fold rise in net income at $4.04 billion (around Rs 30,100 crore) for the fourth quarter ended December 31, 2021. The company had posted a net income of $ 1.2 billion in the yearago period.

Sales rose to $208 billion in October-December 2021, over $141.84 billion in the year-ago period. The company follows JanuaryDecember fiscal year. The net income is “attributable to equity holders of the parent.”

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

“In 2021 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,” ArcelorMittal Chief Executive Officer Aditya Mittal said in a statement.  (PTI)