ArcelorMittal Earnings Fall After Shipments, Prices Drop

By Pierre Bertrand

ArcelorMittal reported a decrease in third-quarter earnings after steel shipments and prices fell.

The Luxembourg-based steelmaker said Thursday that net profit was $929 million compared with $993 million in the prior year on sales that fell 12% to $16.62 billion.

Its earnings before interest, taxes, depreciation and amortization fell 30% to $1.86 billion.

The result compares with analysts' expectations of $1.81 billion in Ebitda and $909 million in net profit, according to a company-provided consensus.

ArcelorMittal said its results reflected a fall in steel shipments and lower average steel selling prices, which declined 12% in the quarter.

Steel shipments in the period decreased 3.7% from the second quarter of the year to 13.7 million metric tons, with declines in Europe and the Nafta region of Canada, Mexico and the U.S. Shipments were nearly level compared with the 13.6 million tons reported for the third quarter of the prior year, ArcelorMittal said.

The company said it is conducting an internal review of its safety program after the accident at its ArcelorMittal Temirtau facility in Kazakhstan and is commissioning an audit of its safety practices.

Write to Pierre Bertrand at [e-mail]

(END) Dow Jones Newswires

November 09, 2023 01:55 ET (06:55 GMT)

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