ArcelorMittal earns 9000 million as of September, 17% lower | comp

ArcelorMittal earned a net profit of $9,000 million (about 9,020 million euros) in the first nine months of 2022, which is a 17% decrease compared to $10,911 million (about 10,885 million euros) in the same period last year. It reports to the National Securities Exchange Commission (CNMV).

The steel giant’s net profit for the third quarter (from July to September) was $993 million (about 990.6 million euros). For its part, total operating output (Ebitda) amounted to 12,903 million dollars (about 12,872 million euros) at the end of September, down 10%, and 2,660 million dollars (about 2,653 million euros) in the third quarter.

ArcelorMittal noted that this third quarter was affected by a negative price impact, a “headwind” from energy costs and a 5.6% drop in steel shipments to 13.6 million tons, down 7.1% from the same period last year. He also added that steel shipments have been broadly stable since last year, with the exception of ArcelorMittal Kryvyi Rih, which was damaged by the war in Ukraine.

The group’s net debt amounted to $3,900 million (about 3,892 million euros) at the end of September, compared to 4,200 million dollars (about 4,191 million euros) at the end of June.

ArcelorMittal CEO Aditya Mittal said the strong market conditions that have enjoyed most of the past two years “stopped in the third quarter with seasonally lower shipments, exceptionally low price levels, destocking and higher energy costs combined to pressure earnings.”

He added that the short-term outlook for the industry remains “uncertain and caution is required.” But he stressed that ArcelorMittal “has the strength, flexibility and experience to face the future with confidence”.

“With the support of a strong balance sheet, we will continue to focus on implementing our strategy designed to ensure our leadership in the sector over the long term, as well as achieving sustainable returns for investors,” he said.