Millennium Post

ArcelorMittal back in black with $22-mn July-Sept profit

ArcelorMittal on Friday reported a net profit of $22 million for the July-September quarter of this year on the back of higher sales and better price.

The world's largest steel maker had reported $193 million loss in the July-September quarter of last year, it said in a statement.

Sales for the reporting quarter were higher at $20.06 billion as compared to $19.6 billion a year ago
mainly due to improved steel sales and higher marketable iron ore sales. Total steel shipments for the quarter were 21.5 million tonnes.

'This quarter's results show considerable improvement in our steel business which has more than offset the fall in the iron ore price. Europe has delivered another strong quarter, reflecting improved market conditions and the benefits

of the optimisation efforts, the turnaround in ACIS is evident, and the NAFTA business has recovered after a disappointing first half,' said Chairman and CEO Lakshmi Mittal.
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