MT - ArcelorMittal posts strong Q1 beat but sees global steel demand slipping

ArcelorMittal (NYSE:MT) shares rise more than 2% in European trading Thursday after reporting higher Q1 earnings and revenues and launching a second $1B stock buyback. Q1 net profit jumped to $4.13B from $2.29B in the year-earlier quarter, and EBITDA climbed to $5.08B from $3.24B a year ago and well above $4.57B in a company-compiled poll of analysts. Q1 sales surged 35% to $21.84B from $16.19B a year earlier due to higher steel prices, but steel shipments fell 2.7% to 15.3M metric tons, which the steelmaker said reflected the impact of the war in Ukraine. ArcelorMittal (MT) said it now forecasts a contraction in global steel demand this year, falling as much as 1%, although "it is clear that the longer-term fundamental outlook for steel is positive," CEO Aditya Mittal said; before the war, the company expected consumption would remain steady or grow slightly in 2022. The company said it has

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ArcelorMittal posts strong Q1 beat but sees global steel demand slipping