Luxembourg-based ArcelorMittal, the world's largest steelmaker, has announced its financial results for the first nine months of the current year.
During the first nine months of the year, ArcelorMittal recorded a net profit of $3.53 billion, compared to a net profit of $1.37 billion in the same period of the previous year. The company’s sales revenues increased by 19.5 percent year on year to $50.96 billion, primarily due to higher average steel selling prices, marginally higher steel volumes, higher seaborne iron ore reference prices and higher marketable iron ore shipments, while its steel shipments rose by 0.5 percent to 64.2 million mt, compared to the first nine months of the previous year. ArcelorMittal registered an EBITDA of $6.26 billion in the first nine months this year, up 36.4 percent year on year.
ArcelorMittal's crude steel production amounted to 70.4 million mt in the January-September period of the current year, up two percent year on year, while its iron ore production rose by 3.8 percent year on year to 42.9 million mt.
Meanwhile, ArcelorMittal's Flat Carbon Europe segment has reported an operating profit of €1.83 billion for the January-September period this year, compared to an operating profit of €883 million for the same period of last year. The Flat Carbon Europe segment's steel shipments in the given period remained almost stable year on year at 30.79 million mt.
Lakshmi N. Mittal, ArcelorMittal chairman and CEO, stated that favorable market conditions have supported another solid quarterly performance, with EBITDA for the first nine months considerably improved year on year. Operating conditions continue to improve, with key indicators implying a positive outlook for 2018, he added.