ArcelorMittal Net Income Dipped in September Quarter

SEATTLE (Scrap Monster): ArcelorMittal- the world’s leading integrated steel and mining company announced results for the three-month and nine-month period ending 30^th September, 2023.

The third quarter of the current year was impacted by a negative price-cost effect. The 3.7% sequential decline in steel shipments too contributed to the dip in operating income during the quarter. The operating income recorded notable decline from $1.9 billion in Q2 this year to $1.2 billion in third quarter.  

The company continued to demonstrate structurally improved profitability, despite challenging market environment. The EBITDA stood at $1.9bn in 3Q 2023, compared with $2.6bn in 2Q 2023. The EBITDA per tonne of $136 was well above the longer-term historical averages. Also, the net income remained well above the longer term historical averages at $0.9bn in 3Q 2023.

ArcelorMittal ended the quarter with a net debt of $4.3 billion and a strong liquidity of $11.8 billion.

Commenting on the outlook, it said that the medium to long term steel demand outlook continues to remain positive. The company remains focused on safety, especially in the wake of catastrophic accident at the Kostenko coal mine in Kazakhstan that took the lives of 46 people. Its XCarb products are gaining commercial momentum, said Aditya Mittal, Chief Executive Officer, ArcelorMittal.