ArcelorMittal today reported a net profit of USD 403 million for the quarter ended December 2016 on the back of better sales and higher operating income.
ArcelorMittal today reported a net profit of USD 403 million for the quarter ended December 2016 on the back of better sales and higher operating income.
However, the Luxembourg-based firm had posted net loss of USD 6,886 million in the year-ago period.
These figures are "attributable to equity holders of the parent," the company said.
The sales of the firm led by billionaire Lakshmi Mittal during the October-December quarter was at USD 14,125 million as against USD 13,981 million over a year-ago period.
The company's operating income during the fourth quarter was at USD 809 million. However, in the year-ago period the company had an operating loss of USD 5,331 million.
Its EBITA during the October-December quarter increased to USD 1,661 million over USD 1,103 million in the year-ago period.
"The company's net debt decreased to USD 11.1 billion as of December 31, 2016, USD 4.6 billion lower as compared to December 31, 2015," it said.
Commenting on the performance, the firm's Chairman and CEO Lakshmi N Mittal said that 2016 was a year of progress for ArcelorMittal characterised by improving market conditions, a strong contribution from firm's 'Action 2020' programme and steps from governments to address unfair trade.
"As a result, EBITDA was comfortably in excess of initial expectations and, furthermore, we have delivered on our commitment to prioritise debt reduction, significantly strengthening our balance sheet and ending the year with the lowest level of net debt since the creation of the company," he said.
"We enter 2017 with good momentum in the business and the market. Our increased confidence is reflected in the Board's decision to increase capital expenditure for 2017," he said.
The improvement in performance is, however, from a low base. So the company will need to continue to prioritise improved returns, he said.
"Central to this will be our Action 2020 programme which will sustainably improve the underlying performance of the business. We remain fully focused on continuing the good progress in the three areas of cost optimisation, product mix and volume growth," he added.
In addition, given global overcapacity, ensuring fair trade remains crucial and the company will continue to call for a comprehensive solution to unfair trade practises, he added. MORE
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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