ArcelorMittal’s 1Q17 earnings beat
ArcelorMittal (MT), the world’s largest steelmaker, released its 1Q17 earnings on May 12, 2017. The company generated operating income of $1.6 billion in the quarter.
To put this in context, consider that the company posted operating income of $0.8 billion in 4Q16 and $0.3 billion in 1Q16. ArcelorMittal’s 1Q17 earnings came in better than expected.
1Q17 earnings season
ArcelorMittal’s 1Q17 earnings have come toward the end of the earnings season, and most US-based steel companies have already released their earnings.
It’s been a mixed earnings season for steel investors (XME). While Steel Dynamics and AK Steel (AKS) posted better-than-expected earnings in the quarter, Nucor’s (NUE) 1Q17 earnings fell slightly short of expectations. Nonetheless, Nucor saw upward price action after its 1Q17 earnings on its better-than-expected revenue and rosy outlook.
Mario Longhi, who has been serving as U.S. Steel’s CEO since 2013, recently announced his retirement. The move came a couple of weeks after the stock shed more than a quarter of its market capitalization after its 1Q17 earnings spooked the markets.
In this series, we’ll analyze ArcelorMittal’s 1Q17 earnings and what drove the company’s financial performance in the quarter. Let’s start by looking at ArcelorMittal’s 1Q17 revenue in the next article.