ArcelorMittal Declared Steep Drop in Q3 Steel Exports

SEATTLE (Scrap Monster): Luxembourg-based world’s leading integrated steel and mining company announced results for the three-month and nine-months period ended September 30, 2024.

Due mostly to a steep drop in steel exports, the company reported a 69% drop in net income to $287 million in the third quarter of this year. In the same quarter last year, the company's net income attributable to its investors was $929 million.

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A news release from the corporation states that its operational income for the third quarter of this year was $0.7 billion, which is less than the $1 billion it earned in the previous quarter. In Q3 2024, the EBITDA was $1.6 billion, which was less than the $1.9 billion in Q2 2024. The EBITDA for the quarter was $118 per tonne.

At the conclusion of the quarter, ArcelorMittal's net debt was $6.2 billion, up from $5.2 billion on June 30, 2024. The business produced $2.8 billion in investible cash flow in the last 12 months.

The corporation stated that it anticipates positive free cash flow in 2024 and beyond when discussing its view for the future. Additionally, it thinks it is in a unique position to benefit from the medium- and long-term growth in steel demand.