The world's largest steelmaker ArcelorMittal said the outlook for 2018 had improved after a sharp pick-up in steel prices and increased iron ore shipments helped it deliver higher-than-expected first-quarter earnings on Friday.

The group did not give a specific forecast for its own prospects, but repeated that it saw 2018 global apparent steel consumption, which takes into account inventory changes, growing by between 1.5 and 2.5 per cent.

Demand appeared strong, notably in the US, Europe and Brazil, and the spread between the price of steel and its raw materials was healthy, ArcelorMittal said.

“The outlook for 2018 has strengthened as the year has progressed, with the combination of growing demand and supply-side reform driving higher capacity utilisation rates and healthy steel spreads globally,” Chief Executive Lakshmi Mittal said in a statement.

First-quarter core profit (EBITDA), the figure most closely watched by analysts, rose 13 per cent year-on-year to $2.51 billion, above the average $2.33 billion expected in a Reuters poll of 10 analysts.

ArcelorMittal said its average steel selling price was 18.2 per cent higher than in the first quarter of 2017, with shipments up 1.4 per cent. For iron ore, of which it mines more than 50 million tonnes a year, shipments rose 5.5 per cent, while prices were down 13.1 per cent.

The firm has been a vocal supporter of trade measures against cheap imports into both the US and the European Union, where it has the bulk of its operations.

“Comprehensive solution for unfair trade imports across geographies still required,” ArcelorMittal said in an overview of EU and US measures, including the 25 per cent import tariffs imposed since March 23 by US President Donald Trump, with certain temporary exemptions, such as for EU steel.

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