ArcelorMittal reports roaring start to the year
The world's largest steelmaker says it's seen its strongest quarter in a decade.
ArcelorMittal reported higher than expected first-quarter earnings on Thursday, (May 6) adding that it expects global steel demand to grow by between 4.5% and 5.5% this year.
The Luxembourg-based company reported first-quarter core profit of $3.2 billion.
That was more than three times that of the same period a year earlier.
ArcelorMittal's CEO said the firm was, "steadily bringing back production in line with the demand recovery, which is supported by low inventory levels."
The group said it had benefited from a strong recovery in steel demand led by the auto industry, leading to higher steel shipments and improved margins.
Its shares were trading down around half a percent by Thursday lunchtime.
