ArcelorMittal now expects global apparent steel consumption to contract by up to 1% on-year in 2022, given the Ukraine war impact and rising inflation in Europe, down from the previous forecast of 1% growth.

The group's steel shipments fell 7% on-year in the first quarter to 15.3 million tonnes, and also inched down on-quarter, impacted by the Ukraine war. Crude steel output also dropped 7% on-year and was fractionally down on-quarter to 16.3mt.

Revenue, however, grew 35% on-year in Q1 to $21.8 billion, supported by higher average steel and iron ore selling prices, and net income attributable to equity holders of the parent jumped 80% to $4.1 billion. Ebitda surged 57% to $5.08 billion.

Income from associates, joint ventures and other investments in Q1 was $559 million as compared to $383m in Q4 2021 and $453m in Q1 2021.