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Astronomical profits of the metallurgical giant

Ferrous metallurgy / Digest
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This is ArcelotMittal's best result since Q2 2008

Astronomical profits of the metallurgical giant

ArcelotMittal posted net income of $ 4.6 billion in the third quarter (up from $ 4.0 billion in the second quarter of 2021). This is the best result since the second quarter of 2008, the company said in a statement.

The company announced that operating income in the third quarter of 2021 was $ 5.3 billion, up from $ 4.4 billion in the second quarter of 2021. of the year. As explained, the improvement in operating profit in the third quarter of 2021 was driven by a positive change in the profitability of steel products, which “more than offset”. lower by 8.4 percent. (compared to Q2 2021) steel supplies driven by weaker demand (notably canceled orders from the auto industry), as well as production constraints and supply delays, which are expected to change in Q4 2021.

“Despite the volatility caused by the continued presence and impact of COVID-19, this is a very good year for ArcelorMittal. Our balance sheet has changed, we have set ourselves up for the transition to a low carbon economy, we grow strategically by participating in high quality projects with high profitability, and we are returning capital. We are aware of the challenges ahead and at the same time excited about the opportunities that will appear in the coming years for steel, ”said ArcelorMittal CEO Aditya Mittal.

ArcelorMittal reported that EBITDA result for Q3 2021 reached $ 6.1 billion. This is, as noted, the best quarter since 2008 - 19.9 percent higher than the second quarter of this year.

The press release also indicated that the company's gross debt decreased by $ 1 billion to USD 8.2 billion (up from USD 9.2 billion at the end of Q2 2021 and USD 12.3 billion at the end of 2020). Net debt fell to $ 3.9 billion, the lowest level since the merger (from $ 5 billion at the end of the second quarter of 2021 and $ 6.4 billion at the end of 2020).

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