2 billion" as against USD 11.7 MT from 7. The Luxembourg-based firm, however, reported a higher net debt of USD 12.39 billion in the corresponding period last year.5 MT in the year-ago period.New Delhi/London: The worlds largest steelmaker Arcelor Mittal today reported a net profit of USD 1 billion for the quarter ended March 31, 2017 but reported a rise in net debt to USD 12.Arcelor Mittal follows January-December fiscal year of accounting.With annual achievable production capacity of approximately 114 million tonnes of crude steel, and some 210,000 employees across 60 countries, ArcelorMittal is the World’s leading steel and mining company.

Iron ore shipments at market price in January-March rose to 8.5 per cent and +1.On outlook, the firm said: "We still expect global apparent steel consumption (ASC) to grow further in 2017 by between +0.1 billion, which it attributed to "seasonal working capital investment of USD 2.While this is encouraging, the steel industry is still impacted by unfair imports in many of our key markets and we hope to see further progress in ensuring the necessary trade solutions," he said. Sales of the steel giant rose 20.1 billion on December 31, 2016."Our mining segment benefited from an China self drilling screw for metal for sale increase in iron- ore shipped at market prices as well as the higher raw material price environment.1 billion during the period.08 billion in January-March period from USD 13.2 billion in operating working capital reflecting seasonal increases in inventory and receivables as well as the effects of higher raw material and steel prices.5 per cent as compared to +1 per ccent expansion in ASC in 2016."

The company said that during the first quarter of 2017, it invested USD 2. Looking ahead, we expect market conditions to be broadly stable in the second quarter. ArcelorMittal also reported steel shipments of 21.1 million tonnes (MT) in the first quarter of 2017, marginally lower from 21.6 MT during the quarter under review from 23.1 per cent compared to the preceding fourth quarter."He said that all parts of the business reported improved EBITDA as steel prices responded to higher raw material costs and strong volume growth saw steel shipments increase by 5.08 per cent to USD 16.

The firm, led by billionaire Lakshmi N Mittal, had posted a net loss of USD 416 million in the year-ago period, it said in a filing.Commenting on the Action Plan 2020, the company said it is progressing on track as per expectations.ArcelorMittals Chairman and CEO lakshmi Mittal said: "I am satisfied with the first quarter results, which reflect the anticipated positive momentum in the market and the progress we are making internally to make the business stronger.8 MT in the same period last year.2 MT in the year-ago period. Crude steel production rose to 23.