ArcelorMittal Posts Q3 Profit

ArcelorMittal

reported a profit in the third quarter. The Luxembourg-based company posted a quarterly net profit of $22 million, versus a year-ago net loss of $193 million. However, the company's profit declined 58% compared to $52 million in the second quarter. Its revenue climbed 2.2% y/y to $20.1 billion. Earnings before interest, taxes, depreciation and amortization gained 11% y/y to $1.91 billion, versus analysts' estimates of $1.81 billion. Steel shipments rose 3.9% y/y to 21.5 Mt in the third quarter. Third-quarter own iron ore production gained 6% on the year to 15.8 Mt. As of September 30, 2014, net debt was $17.8 billion, versus $17.4 billion as of June 30, 2014. ArcelorMittal reiterated its EBITDA forecast in excess of $7.0 billion for 2014. The company now expects 2014 capital expenditure of around $3.8 billion. Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO, said, "This quarter`s results show the considerable improvement in our steel business which has more than offset the fall in the iron ore price. Europe has delivered another strong quarter, reflecting improved market conditions and the benefits of the optimisation efforts, the turnaround in ACIS is evident, and the NAFTA business has recovered after a disappointing first half. Based on today`s market conditions, I do not foresee a deterioration in our performance in the fourth quarter.” ArcelorMittal shares fell 0.65% to $12.30 in after-hours trading.