Millennium Post

ArcelorMittal Q3 net income declines 25% to $0.9 billion

New Delhi: The world's largest steel maker ArcelorMittal Thursday reported 25 per cent decline in net income at USD 0.9 billion for the quarter ended September 30.

The company had posted net income of USD 1.2 billion in the year-ago period, the firm said in a statement.

The company reported "net income of USD 0.9 billion in 3Q 2018 as compared to USD 1.9 billion in 2Q 2018 and USD 1.2 billion in 3Q 2017," it said.

The net income is "attributable to the equity holders of the parent", the company said.

ArcelorMittal Chairman and CEO Lakshmi N Mittal said that in India, the company has recently been named as the successful bidder for Essar Steel, which provides a unique opportunity to establish a meaningful production presence in the world's fastest growing steel-market.

The company further said that in-line with Essar Steel India Ltd's (ESIL's) "corporate insolvency process, the company's resolution plan must now be formally accepted by India's National Company Law Tribunal before completion, which is expected before the end of 2018".

After completion, ArcelorMittal will jointly own and operate ESIL in partnership with Nippon Steel & Sumitomo Metal Corporation (NSSMC), Japan's largest steel producer and the third largest steel producer in the world, in-line with the joint venture formation agreement signed with NSSMC in March.

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