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ArcelorMittal: Q1 outperforms expectations

( - ArcelorMittal has reported better-than-expected Q1 results on Thursday, while saying that it expects steel demand to fall this year.

This morning the world's largest steelmaker announced that its Ebitda rose to 5.1 billion dollars in the first three months of the year, compared with 3.2 billion dollars a year ago.

This was well above the 4.6 billion dollar consensus figure provided by the company.

Revenue was 21.8 billion dollars, up almost 35% from the 16.2 billion dollars in Q1 2021.

Fundamentally, the group says that the LT market outlook remains favourable.

Following the recent completion of its previous share buyback program, ArcelorMittal has announced a new share purchase plan, which will total 1 billion dollars this year.

Its shares were up almost 4% on Thursday morning following these announcements.

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