Luxembourg-based ArcelorMittal, the world's largest steelmaker, has announced its financial results for the first nine months of the current year.
During the first nine months of the year, ArcelorMittal posted a net profit of $3.96 billion, rising by 12 percent year on year. The company’s sales revenues increased by 13.2 percent year on year to $57.7 billion, primarily due to higher average steel selling prices (+15.3 percent) offset in part by lower steel shipments (-1.0 percent). ArcelorMittal registered an EBITDA of $8.31 billion in the given period, up 32.7 percent year on year.
ArcelorMittal's crude steel production decreased by almost one percent to 69.8 million mt in the January-September period, while its iron ore production increased by 1.4 percent year on year to 43.5 million mt.
According to the company, market conditions remain favorable; the demand environment remains positive and together with the benefits of structural supply-side reform is supporting healthy steel spreads. The company will continue to invest in opportunities that will enhance future returns. By investing in these opportunities with focus and discipline, the cash flow generation potential of the company is expected to increase.