ArcelorMittal beats estimates after "very positive" start to year

© Reuters. FILE PHOTO: A red-hot steel plate passes through a press at the ArcelorMittal steel plant in Ghent, Belgium, July 7, 2016. REUTERS/Francois Lenoir/File Photo GLOBAL BUSINESS WEEK AHEAD

BRUSSELS (Reuters) – ArcelorMittal, the world’s largest steelmaker, reported higher than expected first quarter earnings after what its chief executive said was a “very positive” start to the year.

The Luxembourg-based company said on Thursday first-quarter core profit (EBITDA), the figure most watched by the market, was $3.24 billion, more than triple the year-ago figure of $967 million and higher than the average forecast in a company poll of $2.97 billion.

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