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World's Largest Steel Producer Reports Q3 Core Profit Growth

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The company, which accounts for about 5% of global steel production, reported that its underlying profit (EBITDA) dropped 15% from a year earlier.

World's Largest Steel Producer Reports Q3 Core Profit Growth

ArcelorMittal said Thursday that its third-quarter net loss attributable to equity holders of the parent was $ 261 million, or $ 0.21 per share, less than a net loss of $ 539 million or $ 0.53 per share. in the previous year.

Operating income for the third quarter rose to $ 718 million from $ 297 million in the year-ago quarter. The company noted that the improved operating performance reflects a gradual recovery in finished steel markets, in particular for automotive, following the severe impact of the COVID-19 quarantine on economic activity in the previous quarter, as well as stronger performance in the mining segment.

Still, steel product sales at ArcelorMittal dropped to $ 13.27 billion in the quarter from $ 16.63 billion last year.

“The recent surge in COVID-19 cases worldwide suggests it is prudent to remain cautious about the outlook and we must be prepared for further volatility ... We have learned valuable lessons from how to work smarter and are determined to continue these efforts to continually improve our productivity and profitability, ”said Lakshmi N. Mittal, Chairman and Chief Executive Officer of ArcelorMittal.

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