ArcelorMittal’s Surging Profit Underscores Steel Turnaround
- Steel prices recovered as Chinese stimulus boosted demand
- Steel, iron ore and coal prices jumped at least 80% last year
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ArcelorMittal’s biggest earnings jump in seven years and forecasts for better steel demand showed the recovery in commodities is gaining strength.
The shares added 6.5 percent to 8.01 euros in Amsterdam trading, extending a rally that has more than tripled the value of the world’s top steelmaker in the past year. Earnings before interest, taxes, depreciation and amortization jumped 20 percent, the most since 2010, bolstered by higher prices for steel and iron-ore.