Luxembourg-based ArcelorMittal, the world's largest steelmaker, has announced its financial results for the first nine months of the current year. The company said that operating conditions have deteriorated in recent months, both in terms of the international steel price environment, driven by unsustainably low export prices from China, and order volumes as customers adopt a “wait and see” mindset. As a result, ArcelorMittal now expects an EBITDA of $5.2-5.4 billion for 2015.
During the first nine months of the year, ArcelorMittal recorded a net loss of $1.26 billion, compared to a net loss of $131 million in the same period of the previous year. The company’s sales revenues decreased by 18.11 percent year on year to $49.6 billion, while its steel shipments increased by 1.41 percent to 64.8 million mt, compared to the first nine months of the previous year. ArcelorMittal registered an EBITDA of $4.13 billion in the first nine months this year, down 23.9 percent year on year.
ArcelorMittal's crude steel production amounted to 70.8 million mt in the January-September period of the current year, up 1.15 percent year on year, while its iron ore production increased by two percent year on year to 30.5 million mt.
Meanwhile, ArcelorMittal's Flat Carbon Europe segment has reported an operating loss of €23 million for the third quarter this year, compared to an operating profit of €125 million for the third quarter of 2014. The Flat Carbon Europe segment's steel shipments in the third quarter decreased by 1.9 percent year on year to 9.6 million mt.