ArcelorMittal triples fourth-quarter net profit to $4,045 million

The world’s first integrated steel and mining company, ArcelorMittal, on Thursday reported a threefold increase in net profit to $4,045 million (about Rs 30,100 crore) for the fourth quarter ended December 31, 2021.

The company had posted a net profit of $1,207 million in the prior year period.

Sales reached $20,806 million in October-December 2021, compared to $14,184 million a year ago.

The company follows the fiscal year from January to December.

The net result is “attributable to shareholders of the parent company”.

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

“2021 has been a solid year in which we have accelerated progress on many fronts. The global economic rebound from the lifting of initial COVID-19 related restrictions has supported sustained demand in all markets, delivering levels of very high profitability. This has further strengthened our balance sheet and enabled the delivery of consistent shareholder returns as well as targeted investment in our business,” ArcelorMittal Chief Executive Aditya Mittal said in a statement.

“The only area where we are not satisfied is safety. We want to do better and we have to do better. Throughout the organization, all our efforts are focused on this most important result,” he said.

Perhaps, more importantly, the company has stepped up its decarbonization commitments, recognizing that steel can and should make a significant contribution to reaching net zero, he explained. .

“We have stated our ambition to reduce our CO2e intensity by 25% by 2030 and continue to invest in multiple technology pathways that will help us succeed. We have launched our XCarb vision which includes an investment fund in clean energy technologies that support this transformation,” he said.

By working collaboratively with stakeholders, the company has been able to accelerate progress at several of its plants in Europe as well as in Canada. The company’s goal is to demonstrate what is possible by having the world’s first near-zero emissions steel mill, he said.

Commenting on the performance of ArcelorMittal Nippon Steel India (AM/NS India), Mittal said: “2021 has been a strong year for our people and our business. I would like to thank the entire ArcelorMittal Nippon Steel India team for their commitment during Covid, and for supporting the communities around us. Today, our employees stay safe and our business is stronger.

Aditya Mittal is the chairman of AM/NS India.

AM/NS India itself achieved record production, shipments and Ebitda in 2021, despite the burden of rising energy and commodity prices, he said.

“We are making the most of our existing operations at Hazira through debottlenecking and are on track to reach a capacity of 8.8 million tonnes by the end of next year. And we are creating new capabilities to support India’s growth. India is a dynamic market and we remain committed to playing a strong and responsible role in helping India achieve its ambitions,” he said.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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