ArcelorMittal Brazil posts stable operating income in Q3

Tuesday, 17 November 2020 23:06:56 (GMT+3)   |   Sao Paulo

ArcelorMittal Brazil, the local subsidiary of global steelmaker ArcelorMittal, saw its operating income in Q3 remain roughly stable at $197 million, compared to $196 million in Q3 2019.

The company said net revenues in Brazil in Q3 declined 16.8 percent, year-over-year, to $1.60 billion. EBITDA in Q3 reached $252 million, slightly down from $258 million in Q3 2019.

The company attributed the decreased EBITDA to “lower steel shipment volumes, offset in part by lower fixed costs including the benefit of exchange rates.”

ArcelorMittal Brazil said crude steel output in Q3 this year was 2.3 million mt, 13.8 percent down, year-over-year. Steel sales volumes in Q3 totaled 2.42 million mt, 13.7 percent down, year-over-year.

The company said that despite an increase in crude steel output in Q3 as compared to Q2 this year demand “has not yet recovered to pre-crisis levels.”

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