ArcelorMittal Steel Shipments Recorded Marginal Decline

SEATTLE (Scrap Monster): ArcelorMittal- the Luxembourg-based leading integrated steel and mining company announced financial results for Q3 and the nine-month period ending September 30, 2018.

ArcelorMittal reported 26.9% year-on-year surge in operating income in Q3 to $1.6 billion. The Q3 ’18 EBITDA at $2.7 billion was up significantly by 41.8% over the previous year. The operating income and EBITDA dropped over the prior quarter. The net income declined from $1.9 billion to $0.9 billion. The EBITDA reported significant improvement for the first nine months of the year too.

The crude steel production and steel shipment by the company during Q3 this year declined by 1.4% and 5.4% respectively, when compared with the same quarter a year before. The steel shipments totaled 63.6 million metric tonnes during Jan-Sep ’18, marginally lower by 1.0% over the previous year. The iron ore shipments during the quarter were also down considerably over the previous year.

Commenting on the results, Lakshmi N. Mittal, Chairman and CEO noted that the improved results were primarily due to favourable market conditions during Q3 this year. The company has achieved notable expansion of its business across geographies, he said. The company continued to make good progress with the implementation of its strategic Action 2020 plan, Mittal added.