Published On: Wed, Oct 27th, 2010

Arcelormittal: The Company Had A Net Profit Of USD 910 Million

arcelormittalSteel giant ArcelorMittal was cautious in its outlook for the fourth quarter but on Tuesday it reported a net income of USD 1.35 billion for the third quarter. ArcelorMittal said in a statement, the company had a net profit of USD 910 million, in the July-September quarter last year.

ArcelorMittal Chairman and CEO Lakshmi N Mittal said, “The business performed towards the lower end of our expectation in the third quarter against a background of seasonally lower volumes, weakening spot prices and higher costs”. While expressing concerns about the fourth quarter, though with some regional differences, Mittal added that the outlook remained cautious as the expected higher input prices continue to work through the business and demand remains muted.

Company registered a growth of 30.05 per cent, the company’s sales increased to USD 21.03 billion in the third quarter ended September 30, 2010 from USD 16.17 billion in the year-ago period. In the same quarter last year, overall steel shipment rose to 21 million metric tonnes from 18.2 million metric tonnes, during the quarter.

In the September quarter, the steel producer reported Earnings Before Interest, Taxes, Depreciation (EBITDA) at USD 2.3 billion and expected to post in the fourth quarter, EBITDA in the range of USD 1.5 billion to USD 1.9 billion.

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