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 $929 million, compared to a net profit in the third quarter last year of $933 million. The company’s sales revenues in the given period decreased by 12.4 percent year on year to $16.61 billion, due to lower average steel selling prices and steel shipment volumes. The company registered an EBITDA of $1.86 billion in the third quarter, compared to an EBITDA of $2.66 billion in the corresponding period of the previous year.
In the January-September period, the company registered a net profit of $3.88 billion, decreasing by 57 percent, while its sales revenues totaled $53.72 billion, down by 14.6 percent, both year on year. The company registered an EBITDA of $6.29 billion in the first nine months, compared to an EBITDA of $12.9 billion in the corresponding period of the previous year.
ArcelorMittal’s crude steel production decreased by three percent to 44.4 million mt in the first nine months, while its iron ore production declined by 7.5 percent to 32.0 million mt, both year on year. The company’s total steel shipments in the given period amounted to 42.3 million mt, down by 2.3 percent year on year.
The European segment’s crude steel production decreased by 11.0 percent year on year to 22.19 million mt in the first nine months.
ArcelorMittal remains positive on the medium and long-term steel demand outlook. The company stated that its decarbonization projects are progressing, and its XCarb products are gaining commercial momentum.
