ArcelorMittal Q1 net income jumps over 80% to $4,125 million

Global steel giant ArcelorMittal on Thursday posted 80.52 per cent growth in net income at $4,125 million (about Rs 31,350 crore) for the first quarter ended March 31, 2022.

It had posted a net income of $2,285 million for the year-ago quarter, the company said in a statement.

"ArcelorMittal recorded net income for 1Q 2022 of USD 4,125 million as compared to...a net income of USD 2,285 million for 1Q 2021," the Luxembourg-based firm said.

The world's largest integrated steel and mining company follows January-December fiscal year.

"Our first quarter performance was overshadowed by the war in Ukraine. Our focus has been on providing support to our 26,000 colleagues and their communities at a time of tragedy and hardship," Aditya Mittal, ArcelorMittal Chief Executive Officer, said.

Notwithstanding this backdrop, further aggravated by rising inflationary pressures across the world, ArcelorMittal produced a strong first quarter performance. This is testimony to the resilience of the company's business model, characterized by diversity of geography, product category and vertical integration, he said.