The world's largest steelmaker Luxembourg-based ArcelorMittal has announced its financial results for the third quarter and first nine months of 2011. Its net profit decreased by 57 percent year on year to $700 million in the third quarter of the current year. During January-September this year, the net income of the company decreased by 11.7 percent to $3.2 billion compared to the corresponding period of the previous year.
In the third quarter, ArcelorMittal's sales decreased to $22.2 billion, down 3.6 percent year on year. In the first nine months of the current year, the sales increased by 24.8 percent to$71.5 billion compared to the same period of 2010.
ArcelorMittal's crude steel production slightly increased to 22.4 million mt in the third quarter, compared to 22.2 million mt in the same quarter of 2010, while its iron ore production increased by 8.4 percent year on year. In January-September, crude steel production increased by 1.7 percent to 70.2 million mt, while iron ore production increased by 7.1 percent, both year on year.
According to the company statement, for the fourth quarter of 2011 ArcelorMittal expects shipments to be lower than third quarter levels, due to customers' wait-and-see approach caused by current economic uncertainties. Iron ore and coal production is expected to increase by 10 and 20 percent respectively by the end of 2011 as compared to 2010.