By Ian Walker
ArcelorMittal on Thursday reported a swing to net profit for the first quarter of the year on revenue that rose, boosted by higher prices.
The Luxembourg-based steel-and-mining company made a net profit of $2.29 billion for the quarter, compared with a loss of $1.12 billion a year earlier and a profit of $1.21 billion for the fourth quarter of 2020.
Sales rose to $16.19 billion from $14.84 billion.
Earnings before interest, taxes, depreciation and amortization--one of the company's preferred metrics--were $3.24 billion compared with $967 million and a company-provided consensus of $2.97 billion based on 17 analysts' forecasts.
The company reiterated its plan to return $570 million to shareholders and pay a 30-cent a share dividend in June.
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