ArcelorMittal reported a much better-than-expected first quarter on Thursday, thanks to a recovery in volumes and firmer sales prices.

The steelmaker posted earnings before interest, taxes, depreciation and amortization (Ebitda) - the indicator most closely followed by investors - of $1.96 billion for the first three months of the year, up 34% on the previous quarter.

This performance was well above the average consensus forecast provided by the Group itself, which was for $1.81 billion.

At $938 million, quarterly net profit also exceeded analysts' estimates, which averaged $733 million.

In a press release, the steel giant reported that its sales climbed by almost 12% quarter-on-quarter, to $16.3 billion, thanks both to a rise in its average selling price (+4.8%) and higher volume deliveries (+1.4%)

CEO Aditya Mittal said he expected steel demand to grow by 3% to 4% this year, excluding China, and that his group was "well positioned to benefit from this improvement".

The only downside was that net debt - an item closely watched by the market - rose to $4.78 billion at the end of March, compared with $2.90 billion at the end of 2023, against a backdrop of increased capital expenditure and higher returns to shareholders.

On the Paris Bourse, ArcelorMittal shares gained 0.8% in early trading on Thursday, following the publication, which came in above expectations.

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