ArcelorMittal posts net profit for January-September

Tuesday, 08 November 2016 16:26:01 (GMT+3)   |   Istanbul
       

Luxembourg-based ArcelorMittal, the world's largest steelmaker, has announced its financial results for the first nine months of the current year. According to the company’s statement, while real demand remains stable, ArcelorMittal will be impacted by the unexpected significant increase in the price of coal. While expectations are for steel prices to align with the increased costs, in the interim the higher coal price will impact the company’s fourth quarter performance as compared to the third quarter this year.
 
During the first nine months of the year, ArcelorMittal recorded a net profit of $1.37 billion, compared to a net loss of $1.26 billion in the same period of the previous year. The company’s sales revenues decreased by 14 percent year on year to $42.66 billion, while its steel shipments declined by 1.4 percent to 63.9 million mt, compared to the first nine months of the previous year. ArcelorMittal registered an EBITDA of $4.59 billion in the first nine months this year, up 11.3 percent year on year.
 
ArcelorMittal's crude steel production amounted to 69 million mt in the January-September period of the current year, down 2.5 percent year on year, while its iron ore production decreased by 12.68 percent year on year to 41.3 million mt. 
 
Meanwhile, ArcelorMittal's Flat Carbon Europe segment has reported an operating profit of €883 million for the January-September period this year, compared to an operating profit of €677 million for the same period of last year. The Flat Carbon Europe segment's steel shipments in the given period decreased by one percent year on year to 30.7 million mt.

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