ArcelorMittal smashes profit forecasts in first quarter

While economic sentiment remains "subdued", the company said it still expects apparent steel demand excluding China to grow by between 3% and 4% this year.

When including China, demand is projected to rise by just 1.7% in 2024, according to figures released in April from the World Steeel Association, following two years of decline.

Revenues were broadly in line with forecasts in the first three months of 2024 at $16.3bn, down from $18.5bn the year before. However, this was ahead of the $14.6bn generated in the fourth quarter as average selling prices rose 4.8% and shipment volumes rose 1.4% over the three-month period.

Earnings per share smashed estimates, falling to 116 cents from 128 cents a year earlier but well ahead of the 83 cents expected by analysts. Net profit came in at $938m, ahead of the $733m forecast.

"The improved pricing environment combined with recovering volumes resulted in sequentially stronger quarterly results, which also now reflect the value contributed by our joint ventures," said chief executive Aditya Mittal.

Amsterdam-listed shares were up 1.7% at €24 by 1536 local time.