ArcelorMittal Sep-quarter net income falls over 78% to $993 million
Global steel giant ArcelorMittal on Thursday posted over a 78 per cent fall in its net income to USD 993 million for the September quarter, mainly due to low demand and higher energy costs.
The company follows January-December fiscal year.
"ArcelorMittal recorded a net income for 3Q 2022 of USD 993 million as compared to a net income for 2Q 2022 of USD 3,923 million, and a net income of USD 4,621 million for 3Q 2021.
"Sales in July-September also fell 6 per cent to USD 19 billion, USD 20.2 billion in the year-ago period, impacted primarily due to lower steel shipments," the company said.
Total steel shipments in the third quarter stood at 13.36 million tonnes (MT), lower from 14.6 MT a year ago, largely reflecting weaker demand in Europe.
Its gross debt increased to USD 9 billion as of September 30, 2022. It was USD 8.2 billion as on September 30, 2021.
ArcelorMittal Chief Executive Officer Aditya Mittal said the strong market conditions enjoyed for much of the past two years ...