Rising steel prices are pushing ArcelorMittal to a quarterly profit since 2008

ArcelorMittal claims to have made the biggest quarterly profit since 2008 as rising steel prices helped the world’s largest manufacturer to reduce the need for automotive manufacturers.

The Luxembourg-based group earned $ 6.1bn in the third quarter, 19.9 percent more than in the second quarter, its previous record since 2008, albeit slightly lower than experts’ expectations.

Valuable debt in the quarter fell to $ 3.9bn, its lowest level since 2008. Sales were also high at $ 20.2bn.

The company is increasing its share price by another $ 1bn, bringing in the amount announced from September 2020 to $ 6bn.

Strong results came as all steel shipments in the last three months dropped by 9 percent to 14.6m compared to the second quarter this year due to low demand, mainly from automotive customers, as well as production difficulties and shipping delays. . ArcelorMittal said he expects this to change in the fourth quarter.

Western steelmakers have been enjoying their best year after a decade when many plants closed and cut workers in the middle of the need. Global economic growth following the epidemic has helped drive iron ore demand, while renewable barriers have pushed up prices.

Aditya Mittal, chief executive officer, said the company expects its ambitions to continue.

“Its appearance is still good: great needs are expected to continue to thrive; and, despite a gradual decline in steel prices, steel prices remain very high, which will be reflected in the 2022 annual contracts, “he said.