AIRLINK 195.01 Increased By ▲ 0.18 (0.09%)
BOP 9.83 Increased By ▲ 0.02 (0.2%)
CNERGY 7.41 Increased By ▲ 0.05 (0.68%)
FCCL 40.39 Increased By ▲ 1.81 (4.69%)
FFL 16.38 Decreased By ▼ -0.07 (-0.43%)
FLYNG 28.68 Increased By ▲ 1.14 (4.14%)
HUBC 132.55 Increased By ▲ 0.80 (0.61%)
HUMNL 13.95 Increased By ▲ 0.09 (0.65%)
KEL 4.60 Decreased By ▼ -0.06 (-1.29%)
KOSM 6.70 Increased By ▲ 0.04 (0.6%)
MLCF 46.30 Increased By ▲ 0.91 (2%)
OGDC 214.60 Increased By ▲ 0.61 (0.29%)
PACE 6.88 Increased By ▲ 0.02 (0.29%)
PAEL 40.59 Increased By ▲ 0.53 (1.32%)
PIAHCLA 17.25 Increased By ▲ 0.46 (2.74%)
PIBTL 8.45 Increased By ▲ 0.13 (1.56%)
POWER 9.79 Increased By ▲ 0.36 (3.82%)
PPL 183.50 Increased By ▲ 1.31 (0.72%)
PRL 42.14 Increased By ▲ 0.31 (0.74%)
PTC 24.87 Increased By ▲ 0.31 (1.26%)
SEARL 103.95 Increased By ▲ 1.42 (1.38%)
SILK 1.00 No Change ▼ 0.00 (0%)
SSGC 39.75 Increased By ▲ 0.31 (0.79%)
SYM 17.50 Increased By ▲ 0.17 (0.98%)
TELE 8.80 Increased By ▲ 0.04 (0.46%)
TPLP 12.72 Decreased By ▼ -0.03 (-0.24%)
TRG 66.21 Increased By ▲ 0.81 (1.24%)
WAVESAPP 11.16 Increased By ▲ 0.05 (0.45%)
WTL 1.71 Increased By ▲ 0.01 (0.59%)
YOUW 3.96 Increased By ▲ 0.02 (0.51%)
BR100 12,025 Increased By 50.8 (0.42%)
BR30 36,456 Increased By 309.7 (0.86%)
KSE100 113,603 Increased By 159.4 (0.14%)
KSE30 35,683 Increased By 47.8 (0.13%)

Global steel giant ArcelorMittal said Friday that "positive market momentum" and rising shipments enabled it to swing back into profit in the first quarter of 2017. ArcelorMittal said in a statement that it booked a bottom-line profit of $1.0 billion (920 million euros) in the period from January to March, compared with a net loss of 416 million euros a year earlier.
Underlying profit more than doubled to $1.6 billion while first-quarter sales jumped by 20 percent to $16.1 billion, the statement said. "I am satisfied with the first-quarter results, which reflect the anticipated positive momentum in the market and the progress we are making internally to make the business stronger," said chief executive Lakshmi Mittal. "All parts of the business" reported an improvement in underlying earnings, Mittal said.
"Steel prices responded to higher raw material costs and strong volume growth saw steel shipments increase by 5.1 percent compared with the fourth quarter." Looking ahead, ArcelorMittal expected market conditions "to be broadly stable in the second quarter," the CEO continued.

Comments

Comments are closed.