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Steel giant ArcelorMittal posts ‘strongest quarter in a decade’

Steel giant ArcelorMittal said Thursday it recorded its “strongest quarter in a decade” in the first three months of the year as industrial activity rebounded from the pandemic and commodity prices rose.

The company’s net profit nearly doubled to $2.3 billion (1.9 billion euros) in the period from January to March compared to the last three months of 2020, according to an earnings statement.

“The first quarter of this year has been our strongest in a decade,” chief executive Aditya Mittal said in a statement.

“While this is naturally a very welcome development following a highly challenging 2020, we are mindful that Covid continues to be a health challenge across the world, especially in developing economies,” Mittal said.