ArcelorMittal, the world's biggest steel company, has reported a profits rise of 48 per cent in the three months to the end of September compared with the same period a year earlier.
Net profit for the third quarter was $1.35 billion (approximately €978 million), up from $910 million (approx. €660 million) a year earlier.
Sales also increased, by 30 per cent against the previous year.
Demand for steel demand has once again been rising, though it still remains below pre-crisis levels.
Luxembourg-based ArcelorMittal is predicting its own iron ore production to reach approximately 50 million tonnes by end of 2010.
Commenting on the results, Lakshmi N. Mittal, chairman and CEO of ArcelorMittal, said:“Our outlook for Q4 remains cautious as the expected higher input prices continue to work through the business and demand remains muted, though with some regional differences.”
The company said shipments are likely to improve slightly in the final three months of 2010, but that average selling prices for steel are expected to decline, with capacity utilisation likely to remain flat. Costs are also expected to increase, with raw material prices expected to rise.
Present in more than 60 countries, ArcelorMittal had revenues in 2009 of $65.1 billion and crude steel production of 73.2 million tonnes, representing approximately six per cent of the world’s steel output.
The company was created in 2006 through the merger of Arcelor and Mittal Steel.
