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Steel giant ArcelorMittal has reported a net income of $2.3 billion for the January-March quarter up from $1.2 billion in the previous quarter.

In a statement, the company said that the first quarter of 2021 was its strongest quarter in a decade.

The operating performance significantly improved in Q1 2021, reflecting the continued demand recovery which supported a 6.5 per cent sequential increase in steel shipments, it said.

Operating income of the company during the period under review stood at $2.6 billion against $2 billion in 4Q 2020.

Aditya Mittal, ArcelorMittal Chief Executive Officer, said: "The first quarter of this year has been our strongest in a decade. While this is naturally a very welcome development following a highly challenging 2020, we are mindful that Covid continues to be a health challenge across the world especially in developing economies."

"Nowhere is this more obvious at present than in India, where we have our AM/NS India JV with Nippon Steel. Our colleagues in India are sending support wherever we can, including providing daily amounts of oxygen from our sites to local hospitals and setting up temporary medical facilities. Our thoughts are with the people of India as they strive to bring this situation under control," he said.

Operationally, he noted that the company had a positive start to the year.

"We are seeing a continuation of the positive market dynamics of the fourth quarter and have been steadily bringing back production in-line with the demand recovery, which is supported by low inventory levels through the value chain," the CEO said.