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The rise in the price of steel has been beneficial for the giant of the global steel industry, the Indian ArcelorMittal, and for the German industrial conglomerate Thyssenkrupp. Both companies are posting record profits.
ArcelorMittal made a net profit of nearly $15 billion in 2021. The world’s second-largest steelmaker made up for lower production volume with soaring steel prices. The Indian group benefited from a strong global economic recovery and, therefore, from vigorous demand.
This situation has also benefited Thyssenkrupp, a conglomerate that produces everything from steel to automotive components and submarines. The German group, entangled in great financial difficulties two years ago, was able to make a net profit of 145 million euros from October to December.
Profit driven mainly by its steel branch. Moreover, the company which had decided in 2020 to sell this division when metal prices collapsed has changed its mind. Especially since the outlook is promising for this year. According to ArcelorMittal, global steel consumption is expected to grow by nearly 3% in 2022.
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