Luxembourg-based ArcelorMittal, the world’s largest steelmaker, has announced its financial results for the third quarter and first nine months of the current year.
In the third quarter this year, ArcelorMittal achieved a net profit of $993 million, compared to a net profit in the third quarter last year of $4.62 billion. The company’s sales revenues in the given period decreased by 6.1 percent year on year to $18.97 billion, due to lower average steel selling prices and steel shipment volumes. The company registered an EBITDA of $2.66 billion in the third quarter, compared to an EBITDA of $6.05 billion in the corresponding period of the previous year.
In the January-September period, the company registered a net profit of $9.04 billion, decreasing by 17.1 percent, while its sales revenues were $62.95 billion, up by 12.8 percent, both year on year. The company registered an EBITDA of $12.9 billion in the first nine months, compared to an EBITDA of $14.35 billion in the corresponding period of the previous year.
ArcelorMittal’s crude steel production decreased by 12.9 percent to 45.8 million mt in the first nine months due to the blast furnace shutdowns in Europe, while its iron ore production declined by 7.7 percent to 34.6 million mt, both year on year. The company’s total steel shipments in the given period amounted to 43.3 million mt, down by 8.2 percent year on year due to weak demand.
The European segment’s crude steel production decreased by 11.4 percent year on year to 24.95 million mt in the first nine months, amid significantly lower demand and curtailed production in light of higher energy prices.
ArcelorMittal expects apparent demand conditions to improve, while it stated that the short-term outlook for the steel industry remains uncertain.