ArcelorMittal earns almost 9,500 million until September, after its best quarter since 2008

The steel company has benefited from the increase in the price of steel in international markets.

ArcelorMittal earns 1,903 million in the first quarter, its best start to the year in a decade

ArcelorMittal got a attributable net profit of 10,911 million dollars (9,413 million euros) in the first nine months of 2021, in contrast to the losses of 1,940 million dollars (1,674 million euros) in the same period of 2020. And it has been after registering between July and September the best first semester for the steel company since 2008.

ArcelorMittal’s sales between January and September totaled 55,765 million dollars (48.s112 million euros), 42.7% more than in the same period of the previous year, mainly driven by the increase in the price of steel. The gross operating result (Ebitda) reached 14,352 million dollars (12,382 million euros), almost six times more than a year earlier.

In the third quarter of the year, ArcelorMittal obtained a attributable net profit of 4,621 million dollars (3,987 million euros), compared to losses of 261 million dollars (225 million euros) in the same period of 2020.

The sales of the multinational totaled between July and September 20,229 million dollars (17,453 million euros), 52.5% more than in the third quarter of 2020, thanks mainly to the 75.5% increase in steel prices.

Likewise, the net debt of the company at the end of the third quarter had been reduced to 3,900 million dollars (3,365 million euros), its lowest level since the merger of the company in 2006, in contrast to the 5,000 million dollars (4,314 million euros) of debt at the end of the second quarter.

“Our third quarter results were supported by a continued strong pricing environment, resulting in the highest net income and lowest net debt since 2008,” he stated. Aditya Mittal, CEO of ArcelorMittal. He also highlighted that, despite the volatility that continues to be observed as a result of the continued presence and repercussions of Covid-19, this has been a very strong year for ArcelorMittal.

“The outlook remains positive: it is expected that the underlying demand continues to improve; and, although marginally below recent all-time highs, steel prices remain at elevated levels, something that will be reflected in annual contracts for 2022,” he added.