ArcelorMittal (NYSE:MT) saw net profits surge to about $2.3 billion in Q1’21, compared to a loss of $1.12 billion in Q1’20, driven by an increase in steel prices. EBITDA also jumped 3.3x year-over-year to $3.24 billion from $967 million.
Steel prices have surged over the last several months, driven by higher iron ore prices and rising demand from China, the United States, and the E.U.
The outlook for ArcelorMittal remains strong, with the company expecting steel demand to expand by at least 4.5% to 5.5% this year, as economies continue to reopen post-Covid-19. This should continue to drive revenues and margins for the company. ArcelorMittal stock was up 4.5% on Thursday.
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