ArcelorMittal SA reported its biggest annual profit in more than a decade after a historic rally in steel prices revived the fortunes of a beleaguered industry.
The world’s biggest steelmaker outside of China had its best year since 2008, according to its earnings report Thursday. ArcelorMittal benefited as prices remained elevated since touching records last summer, even after supply chain issues inhibited demand.
Relatively low stockpiles helped steel become one of the best performers as commodities surged last year. ArcelorMittal expects demand for steel — a key barometer for global economic growth — to rise by zero to 1% this year, compared with 4% in 2021.
Annual earnings before interest, taxes, depreciation and amortisation were $19.4 billion, ArcelorMittal said Thursday in a statement. That was in line with analysts’ estimates.
Fourth-quarter ebitda was $5.05 billion, missing analyst estimates, after higher energy prices boosted costs. Still, high prices helped European producers weather the continent’s energy crisis.
© 2022 Bloomberg