Global steel giant ArcelorMittal said Wednesday that its net profit more than doubled last year as the worldwide market for steel improved. ArcelorMittal said in a statement that its bottom-line net profit amounted to $4.6 billion, up from $1.8 billion a year earlier. Underlying or operating profit jumped by 30 percent to $5.4 billion on a 21-percent increase in sales to $68.7 billion, the statement said.
"The combination of improving market fundamentals and delivery against our strategic objectives contributed to a successful year for the company," said chief executive Lakshmi Mittal. Looking ahead, market conditions were "favourable," and the demand environment "remains positive," the company said.