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Home / Business / ArcelorMittal profit falls 2%

ArcelorMittal profit falls 2%

The company said total steel shipments were lower at 14.4 million tonnes (mt) compared with 16.1mt in the corresponding quarter of the preceding year
Representational image.
Representational image.
File photo

PTI   |   New Delhi   |   Published 29.07.22, 01:25 AM

ArcelorMittal on Thursday posted a 2 per cent decline in its net income at $3,923 million for the second quarter ended June 30. The company posted a net income of $4,005 million in the corresponding period last year.

The Luxembourg-based integrated steel and mining company follows the January-December fiscal year.

ArcelorMittal’s sales were at $22.1 billion in the April-June quarter of 2022 compared with $19.3 billion in the second quarter of 2021.

The company said total steel shipments were lower at 14.4 million tonnes (mt) compared with 16.1mt in the corresponding quarter of the preceding year.

“Steel shipments in 2Q 2022 were.. largely reflecting the impact of the conflict in Ukraine... and weaker ship­ments in Europe,” it said.

Gross debt increased to $8.8 billion as of June 30 com­pared with $8.7 billion as of March 31, 2022 and $8.4 billion as of December 31, 2021.

“The period was overshadowed by the outbreak of war in Ukraine, where we have steel and mining operations, bring­ing instability and suffering to the country and our 26,000 em­ployees,” Aditya Mittal, ArcelorMittal CEO, said.

Vedanta net up 4.5%

Vedanta on Thursday reported a marginal 4.6 per cent rise in its consolidated net profit at Rs 4,421 crore in the April-June quarter due to higher sales volume, commodity prices and strategic hedging gains.

The diversified natural resources company had posted a consolidated net profit of Rs 4,224 crore in the year-ago period. Consolidated income during the April-June period increased to Rs 39,355 crore from Rs 29,151 crore in the year-ago period, the filing said.

Consolidated expenses during the first quarter increased to Rs 32,095 crore from Rs 21,751 crore in the year-ago period, the filing said.

DRL PAT rises 108% 

Backed by a substantial rise in other income, Dr Reddy’s Laboratories (DRL) on Thurs­day said its consolidated profit after tax for the quarter ended June 30 was up 108 per cent at Rs 1,187.6 crore against Rs 570.8 crore in the same quarter a year ago.

Revenues during the re­porting quarter were up 6 per cent at Rs 5,215.4 crore com­pared with Rs 4,919.4 crore in the first quarter of FY22.



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