ArcelorMittal reports $1,207 million net income in Oct-Dec 2020

Representative Image. Credit: iStock Photo

Global steel giant ArcelorMittal on Thursday posted $1,207 million net income for the quarter ended December 31, 2020.

The world's largest steelmaker had posted a net loss of $1,882 million in the year-ago quarter, the company said in a statement.

The company reported a "net income attributable to equity holders of the parent" of $1,207 million in the fourth quarter.

ArcelorMittal follows January to December fiscal year.

For the whole year (2020), the company reported a net loss of $733 million as against net income of $2,454 million in 2019.

Also read: ArcelorMittal to sack 20% staff in $1 billion cost-reduction plan

Further, the Board of Directors of ArcelorMittal has announced that Aditya Mittal, who is currently President, CFO and CEO ArcelorMittal Europe, will become Chief Executive Officer of the company.

Lakshmi N Mittal, who is currently Chairman and CEO, will become Executive Chairman.

In this position he will continue to lead the Board of Directors and work together with the CEO and management team, the statement said.