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[Ferro-Alloys.com] Luxembourg-based steel giant ArcelorMittal announced Thursday that its earnings in the first quarter of this year "has been the strongest in a decade" thanks to demand recovery and a commodities price hike.

The company's net profit recorded 2.3 billion dollars in the first three months of this year, up from 1.2 billion dollars in the previous quarter, according to its earnings statement.

Its operating revenue totaled 2.6 billion dollars, compared to 2 billion dollars in the final quarter of 2020.

ArcelorMittal Chief Executive Officer Aditya Mittal called the first quarter the "strongest in a decade," and said the company has been "steadily bringing back production in line with the demand recovery."

Mittal also emphasized the company's commitment to sustainability by launching a decarbonization initiative to "create a market for low-carbon steel."

Market analysis says higher steel prices could also benefit decarbonization initiatives in the industry.

Source: Xinhu

• [Editor:kangmingfei]