A year ago analysts thought steelmaker ArcelorMittal SA would be lucky to make $2 billion of net profit in 2021.
Their estimates turned out to be more than a little pessimistic: the Luxembourg-based corporation should report about $14.5 billion of earnings, higher than the past 13 years combined.
Compared to the $240 billion of profit that U.S. tech giants Apple Inc., Google-parent Alphabet Inc. and Microsoft Corp. will share this year, the haul might seem trivial, but make no mistake: Europe’s largest companies are mostly doing extraordinarily well and their good fortune looks set to continue.
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