ArcelorMittal's net profit declines by 6% in Q3CY'23

ArcelorMittal (AM), the world's second-largest steelmaker, announced on 9 October 2023 that its net profit for the July-September period (Q3) fell by 6.4% y-o-y to $929 million (about JPY 139.5 billion), marking the sixth consecutive quarter of decline.

Crude steel production increased by 2% to 15.2 million tonnes (mnt) due to the acquisition of the former Pecem Steel (CSP) in Brazil and the revival of operations in Ukraine, but operating profit fell by 27.1% to $1.203 billion due to a decline in sales prices.

By major business, the NAFTA business was the top earner for the fifth consecutive quarter with a loss of $520 million, while the Asia, Africa and CIS business posted a loss of $92 million (a loss of $55 million in the same period of the previous year, the fifth consecutive quarter of an operating loss).

However, the company's joint ventures with Japan Steel, AM/NS Calvert in Alabama (USA) and AM/NS India (AMNSI), both reported significant year-on-year gains. AM/NS Calvert increased its EBITDA by 53 times to $105 million, while AMNSI increased its EBITDA by 2.6 times to $533 million. AMNSI's crude steel production also increased by 17% to 1,942,000 t.

Note: This article has been written in accordance with an article exchange agreement between Japan Metal Daily and SteelMint.