ArcelorMittal, majority owner of Hibbing Taconite, reported $1.19 billion in worldwide net income during the first quarter compared with $1.0 billion during the same year-ago period. The increase came on sales of $19.19 billion in sales versus $16.09 billion a year earlier.

"The improvement in global steel market dynamics has continued into 2018, supporting an encouraging financial performance in the first quarter, Lakshmi N. Mittal, ArcelorMittal Chairman and CEO, said in the report. “The outlook for 2018 has strengthened as the year has progressed, with the combination of growing demand and supply-side reform driving higher capacity utilization rates and healthy steel spreads globally.”