ArcelorMittal swung to a net profit in the fourth quarter in 2020, according to the company's financial report.

The leading steelmaking and mining group reported a net profit of $1.21 billion in the final quarter last year, compared with a loss of $261 million in the preceding quarter and a loss of $1.88 billion in the year-ago quarter.

The company reaped a total of $2.00 billion in business revenue in the fourth quarter, higher than $718 million in a quarter earlier and a $1.54 billion loss in a year ago.

In the given quarter, ArcelorMittal's self-produced iron ore climbed 3.4% quarter on quarter to 15.30 million tonnes, which were also higher than 14.80 million tonnes compared with the year-ago level.

There were about 10.6 million tonnes of self-produced iron ore were shipped basing on market pricing, an increase of 8.2% compared with 9.8 million tonnes in the third quarter and growing 10.4% compared with 9.6 million tonnes in the same period last year.

In the fourth quarter, ArcelorMittal's crude steel output was registered at 18.8 million tonnes, up 9.3% from 17.2 million tonnes in the third quarter and a decrease of 5.1% from 19.98 million tonnes year on year.

The company's steel shipments fell 1.1% from the previous quarter to 17.3 million tonnes, which were also down 12.2% from the same period last year, representing steel demand remained well below pre-crisis levels.

For the whole year, the company's self-produced iron ore climbed 1.6% year on year to 58 million tonnes, with 38.20 million tonnes shipped out in market prices, up 3% on the year.

Crude steel output stood at 71.50 million tonnes, up 20.4% year on year. Steel products shipments declined 18.2% to 69.10 million tonnes, the company said.

(Writing by Emma Yang  Editing by Harry Huo)
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