ArcelorMittal net income falls 6% to $929 mn

New Delhi Steel giant ArcelorMittal on Thursday posted 6.44 per cent fall in net income to $929 million during third quarter, mainly on account of decrease in steel shipments.

Luxembourg-based ArcelorMittal follows January-December as fiscal year. In July-September 2022, it had clocked a net income of $993 million, the company said in a statement. ArcelorMittal recorded a net income of $1,860 million in 2Q 2023, the statement said. “3Q 2023 was impacted by a negative price-cost effect and a -3.7 per cent sequential decrease in steel shipments to 13.7 MT... resulting in a decline in operating income to $1.2 billion in 3Q 2023 over $1.9 billion in 2Q 2023, and $1.7 billion in Q3 2022,” it said.

During the quarter, the company’s crude steel production rose to 15.2 million tonne (MT) from 14.9 MT in July-September a year ago. Sales in 3Q 2023 were at $16.6 billion as against $19 billion in 3Q 2022, primarily due to lower average steel selling prices. Total steel shipments in third quarter were 3.7 per cent lower at 13.7 MT as compared with 14.2 MT in April-June 2023, reflecting lower shipments in NAFTA region and Europe shipments. Total steel shipments in 3Q 2023 were 0.8 per cent higher as compared with 13.6 MT in 3Q 2022.