Posted on 09 Nov 2020
Luxembourg-based integrated steelmaker ArcelorMittal announced results for the third quarter of the current year.
The company returned to operating profit during the quarter. The operating profit during the quarter was $780 million. It must be noted that the company had reported $253 million operating loss during the prior quarter.
The EBITDA surged higher by over 27% from $0.7 billion in the prior quarter to $0.9 billion in Q3. This was mainly on account of 17.5% higher steel shipments and an improved sales mix. Meantime, the net loss almost halved from $0.6 billion in Q2 to $0.3 billion in Q3 this year.
ArcelorMittal reported free cash inflow of $1.3 billion. The net debt reduced by $0.9 billion during the quarter, primarily driven by positive free cash flow. The gross debt and net debt stood at $13.7 billion and $7.0 billion, as at the end of 30th September, 2020.
Lakshmi N. Mittal, Chairman and CEO, ArcelorMittal noted that Q3 marked an improved operating performance for the group, steered by gradual recovery of global steel markets following the lockdown-related shutdowns. Brazil and the ACIS regions reported notable profitability improvement. The mining segment too delivered strong performance, taking advantage of the higher iron-ore price environment, he added.
Source:Scrap Monster
