Rebound for ArcelorMittal

ArcelorMittal’s net profit reached $6.3 bn in the first half of the year, marking its best performance since 2008, it announced on Thursday.

ArcelorMittal saw its sales jump 38% year-on-year to $35.5 bn in the first half of 2021. Its net profit rose to $6.3 bn, after a $1.7 bn loss a year earlier, when the covid-19 pandemic slowed both the demand and production of steel.

“The second quarter was marked by a continued strong recovery and a tight-flow environment,” Aditya MittalAditya Mittal, CEO of the Luxembourg-based multinational, commented on Thursday. “This translated into even healthier margins in our core markets than in the first three months of the year, underpinning the best quarterly and half-yearly results we have recorded since 2008,” he added.

ArcelorMittal has raised its steel demand forecast to 8.5% growth this year, up from a previous estimate of 5.5%.

Three Luxembourg sites certified as responsible

In addition to its financial results, the company published its new “Climate Action Report” in which it revised its climate ambitions upwards: for Europe, ArcelorMittal expects to reduce its co2 emissions by 35% by 2030, compared to 30% previously.

In Luxembourg, the Belval, Differdange and Rodange sites received their “ResponsibleSteel” certification last week, which certifies that steel production meets social, environmental and governance standards.

With a positive balance sheet and increased climate ambitions, all the lights seem to be green for ArcelorMittal.

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