The world's number one steelmaker ArcelorMittal has announced its financial results for the third quarter of 2008.
Accordingly, ArcelorMittal's net income for the three months ended September 30, 2008 was $3.8 billion as compared with net income of $5.8 billion for the three months ended June 30, 2008, and $3.0 billion for the three months ended September 30, 2007.
The company's sales for the three months ended September 30, 2008 amounted to $35.2 billion as compared with sales of $37.8 billion for the three months ended June 30, 2008, and $25.5 billion for the three months ended September 30, 2007.
Meanwhile, the company's operating income for the three months ended September 30, 2008 was $5.5 billion, as compared with operating income of $6.6 billion for the three months ended June 30, 2008, and $3.9 billion for the three months ended September 30, 2007.
Commenting on the results and the current outlook, Lakshmi N. Mittal, chairman and CEO of ArcelorMittal, said, "We have announced today strong results for the quarter with EBITDA of US$8.6 billion. The current period of de-stocking requires that we make appropriate production cuts to seek to rebalance supply and demand, and we are also accelerating efforts to pay down debt. ArcelorMittal, with its diversified business model, strong cash-flow and cost leadership position, is well placed to weather the challenging economic environment we currently face."