Luxembourg-based
ArcelorMittal, the world's largest steelmaker, has announced its financial results for the third quarter of this year.
ArcelorMittal stated that operating conditions remain generally favorable. The impact of declining iron ore prices on mining segment profitability is being offset by improvement in the steel business. As a result, the company has reiterated its guidance for EBITDA in excess of $7 billion in 2014. "This quarter's results show the considerable improvement in our steel business which has more than offset the fall in the iron ore price. Europe has delivered another strong quarter, reflecting improved market conditions and the benefits of the optimization efforts," said
ArcelorMittal CEO Lakshmi Mittal.
In the third quarter,
ArcelorMittal returned to profit with a net profit of $22 million, compared to a net loss $193 million in the same quarter of the previous year. During the given period, the company's sales increased by 2.15 percent year on year to $20.06 billion. Total steel shipments amounted to 21.5 million mt, rising by 3.9 percent year on year. In the given period,
ArcelorMittal's EBITDA increased by 11.2 percent to $1.9 billion, compared to the third quarter of 2013.
ArcelorMittal's crude steel production amounted to 23.9 million mt in the third quarter this year, up 2.5 percent year on year, while its iron ore production increased by six percent year on year to 15.8 million mt.
Meanwhile,
ArcelorMittal's Flat Carbon Europe segment has reported an operating profit of €125 million for the third quarter of 2014, compared to an operating loss of €139 million in the third quarter of the previous year. The Flat Carbon Europe segment's steel shipments in the third quarter this year increased by 6.2 percent year on year to 9.8 million mt.