ArcelorMittal boosts 2017 earnings

Luxembourg-based steel giant ArcelorMittal reported net income of US$4.57bn for 2017, compared with US$1.78bn for 2016, the company reported in its latest earnings release on Wednesday.

Sales rose to US$68.7bn from US$56.8bn in 2016, while Ebitda rose to US$8.41bn from US$6.26bn.

Steel shipments were up to 85.2Mt from 83.9Mt, while crude steel output increased to 93.1Mt from 90.8Mt, the company said. Iron ore production rose 2.2Mt to 57.4Mt.

"The combination of improving market fundamentals and delivery against our strategic objectives contributed to a successful year for the company," chairman and CEO Lakshmi Mittal (pictured) said.

"The market environment remains supportive but the industry must continue to address the twin challenges of overcapacity and unfair trade."

BRAZIL

ArcelorMittal Brasil reported operating income of US$697mn for last year, compared with US$614mn in 2016.

Steel sales rose to US$7.76bn from US$6.22bn in 2016 and Ebitda was US$990mn up from US$872mn, the company said.

Crude steel output increased to 11.2Mt from 11.1Mt, and shipments rose to 10.84Mt from 10.75Mt.

Brazil's apparent steel consumption is expected to grow 6.5-7.5% in 2018 as the economy starts to turn around with improved consumer confidence and pick up in longs as construction recovers, the company said.

In Latin America, ArcelorMittal also has operations in Mexico, Venezuela and Argentina.