For the nine-month period ending 30th September, the steelmaker reported operating income of $10.6 billion.
SEATTLE (Scrap Monster): Leading steelmaker ArcelorMittal announced results for the three-month and nine-month period ended September 30, 2022.
According to company press release, the steel shipments recorded notable decline by 7.1% in 3Q 2022 to 13.6 million tonnes (Mt), upon comparison with 3Q 2021. The steel shipments remained more or less stable from the company’s steel mills across the world, except from ArcelorMittal Kryvyi Rih, which has been reeling under pressure due to ongoing war in Ukraine. Also, the crude steel production witnessed modest decline from 17.2Mt to 14.9Mt year-on-year.
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The operating income for the quarter was $1.7 billion, compared with $4.5 billion in the sequential quarter. The EBITDA almost halved from $5.2 billion in 2Q 2022 to $2.7 billion in 3Q 2022. The net income recorded significant decline over the sequential quarter, falling from $3.9 billion to $1.0 billion. The basic earnings per common share dropped from $4.25 to $1.11 quarter-on-quarter.
For the nine-month period ending 30th September, the steelmaker reported operating income of $10.6 billion. The EBITDA and net income stood at $12.9 billion and $9 billion respectively.
The net debt of $3.9 billion at the end of the September quarter compares with $4.0 billion as at the end of December 2021.
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