ArcelorMittal profits rise in Q2 2018

ArcelorMittal profits rise in Q2 2018
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Luxembourg-based steelmaker ArcelorMittal has announced second quarter 2018 net income of $1.9 billion, a 56.4 percent gain compared with the prior quarter. The firm’s first-half 2018 net income of $3.1 billion represents a 31.5 percent rise compared with the first half of 2017.

The company’s steel shipments by volume checked in at 21.8 million metric tons in the second quarter, up by 1.8 percent compared with the previous quarter. First-half 2018 steel shipments of 43.1 million metric tons were up by 1.3 percent year on year.

In the management notes accompanying its figures, ArcelorMittal writes, “Strategic investments continue in line with the continuous shift toward higher added-value products, including increased ultra-high strength steel capabilities at Ghent [commissioned at that mill in Belgium] and investing in high-return opportunities such as the ongoing Mexico hot strip mill project.”

The company says its “pioneering new installation at Gent, to apply LanzaTech carbon capture and utilization technology to convert carbon-containing gas from blast furnaces into bioethanol, reflect[s] our position as the industry leader.” ArcelorMittal also refers to supplier-awards received from Honda, General Motors and Ford during the first half of 2018.

Lakshmi N. Mittal, ArcelorMittal chair and CEO, comments, “This is an encouraging set of results reflecting the structural improvements in both the global steel industry due to supply reform dynamics and within ArcelorMittal as a result of Action 2020. The significant improvement in our balance sheet and earnings outlook has been recognized by the main credit agencies, and the company has achieved its stated aim of regaining its investment grade credit rating.”

Mittal continues, “The outlook for the second half of the year is encouraging as we anticipate current favorable market conditions continuing and are well positioned to capitalize on this from our leadership position across many key markets. We believe improvements in underlying industry fundamentals are sustainable, although there is still more to be done to thoroughly address the issue of global overcapacity. We will retain a deleveraging bias, whilst also pursuing selective opportunities to strengthen the foundations of sustainable value creation.”

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Source: Recycling Today
ArcelorMittal profits rise in Q2 2018
<![CDATA[Luxembourg-based steelmaker ArcelorMittal has announced second quarter 2018 net income of $1.9 billion, a 56.4 percent gain compared with the prior quarter. The firm’s first-half 2018 net income of $3.1 billion represents a 31.5 percent rise compared with the first half of 2017. The company’s steel shipments by volume checked in at 21.8 million metric tons in the second quarter, up by 1.8 percent compared with the previous quarter. First-half 2018 steel shipments of 43.1 million metric tons were up by 1.3 percent year on year. In the management notes accompanying its figures, ArcelorMittal writes, “Strategic investments continue in line with the continuous shift toward higher added-value products, including increased ultra-high strength steel capabilities at Ghent [commissioned at that mill in Belgium] and investing in high-return opportunities such as the ongoing Mexico hot strip mill project.” The company says its “pioneering new installation at Gent, to apply LanzaTech carbon capture and utilization technology to convert carbon-containing gas from blast furnaces into bioethanol, reflect[s] our position as the industry leader.” ArcelorMittal also refers to supplier-awards received from Honda, General Motors and Ford during the first half of 2018. Lakshmi N. Mittal, ArcelorMittal chair and CEO, comments, “This is an encouraging set of…