PARIS: Steel giant ArcelorMittal said Thursday it recorded its best quarterly performance in a decade as commodity prices have soared due to booming demand fuelled by an economic recovery from the pandemic.

The Luxembourg-based group’s net profit nearly doubled to $2.3 billion (1.9 billion euros) in the first quarter compared to the last three months of 2020, according to an earnings statement.

Sales surged by 15 percent in the first three months of the year to $16.2 billion as steel prices and iron ore revenues rose. Prices of raw materials ranging from copper to lumber and tin have skyrocketed in recent months as economies have started to bounce back from the coronavirus pandemic.

ArcelorMittal forecast an increase in steel demand of up to 5.5 percent after a contraction last year.

“The first quarter of this year has been our strongest in a decade,” chief executive Aditya Mittal said in a statement.