Global steel giant ArcelorMittal said Friday that it returned to profit in 2016 on the back of a better operating performance and improved market conditions. ArcelorMittal said in a statement it booked net profit of $1.8 billion in 2016, compared with a net loss of $7.9 billion a year earlier. Revenues, on the other hand, declined by 10.7 percent to $56.8 billion, weighed down by lower steel prices. At an underlying or operating level, the group swung to a profit of $4.2 million last year from a year-earlier loss of the same amount.
It forecast a further rise in global demand for steel this year of between 0.5-1.5 percent, following an increase of 1.0 percent in 2016. Chief executive Lakshmi Mittal said 2016 "was a year of progress for ArcelorMittal, characterised by improving market conditions, a strong contribution from our Action 2020 programme and steps from governments to address unfair trade."
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