ArcelorMittal posts USD 1.35 bn net income in Q3

ArcelorMittal posts USD 1.35 bn net income in Q3

In the July-September quarter last year, the company had a net profit of USD 910 million, ArcelorMittal said in a statement.

"The business performed towards the lower end of our expectations in the third quarter against a background of seasonally lower volumes, weakening spot prices and higher costs," ArcelorMittal Chairman and CEO Lakshmi N Mittal said.

Expressing concerns about the fourth quarter, Mittal added that the outlook remained cautious as the expected higher input prices continue to work through the business and demand remains muted, though with some regional differences.

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, thereby, registering a growth of 30.05 per cent.

During the quarter, overall steel shipments rose to 21 million metric tonnes from 18.2 million metric tonnes in the same quarter last year.

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