PARIS: Global steel giant ArcelorMittal reported on Thursday a record annual profit for 2021, buoyed by the soaring prices of raw materials after a loss the previous year.

Despite a drop in production, the company reported a net profit of $14.9 billion (13 billion euros) following a $733 million loss in 2020.

The group lost its top stop as the world’s biggest steel company to China’s Baowu in 2020 after the pandemic caused the global economy to sink.

Demand for raw materials and commodities soared last year as economies emerged from Covid restrictions, causing prices to jump.

“The global economic rebound post initial Covid-19 restrictions being lifted supported buoyant demand in all markets delivering very high levels of profitability,” said chief executive Aditya Mittal.

Its crude steel production fell again last year to 69.1 million tonnes compared to 71.5 million in 2020, but the higher prices helped the company post a huge profit.

Iron ore production also fell to 58 million tonnes from 50.9 million in 2020.

ArcelorMittal’s revenue jumped by 44 per cent to $76.6 billion in 2021.