ArcelorMittal said May 11 that attributable net income in the first quarter spiked 19.0% year over year to US$1.19 billion, or US$1.17 per share.

Sales also increased 19.3% to US$19.19 billion, attributed to higher average steel selling prices, steel shipments and higher market-priced iron ore shipments, but lower reference prices for seaborne iron ore partially offset the gains.

A year ago, the steelmaker's attributable net income was US$1.00 billion, or 98 U.S. cents per share, with sales at US$16.09 billion.

Income tax expense for the quarter was US$203 million, lower than its US$283 million tax bill in the year-ago quarter.

Operating income inched down 0.4% to US$1.56 billion. EBITDA increased to US$2.51 billion, from US$2.23 billion in the year-ago quarter.

Crude steel production fell 1.3% to 23.3 million tonnes, with iron ore output up 4.3% to 14.6 million tonnes. Steel and iron ore shipments in the quarter marked increases of 0.9% and 4.6% yearly to 21.3 million tonnes and 9.1 million tonnes, respectively.

CapEx for the quarter increased to US$752 million, from US$580 million a year earlier. CapEx for the year is pegged at US$3.8 billion, higher than 2017's US$2.8 billion.