Luxembourg-based steel mill ArcelorMittal has announced its results for the third quarter of this year.
The company returned to operating income during the quarter. Operating income for the quarter was $ 780 million. It should be noted that the company reported an operating loss of $ 253 million in the previous quarter.
EBITDA rose more than 27% from $ 0.7 billion in the previous quarter to $ 0.9 billion in the third quarter. This was mainly due to an increase in steel shipments by 17.5% and an improvement in the sales structure. Meanwhile, the net loss nearly halved, from $ 0.6 billion in the second quarter to $ 0.3 billion in the third quarter of this year.
ArcelorMittal reported $ 1.3 billion in free cash flow. Net debt declined by $ 0.9 billion during the quarter, mainly driven by positive free cash flow. Gross and net debt was $ 13.7 billion and $ 7.0 billion at the end of September 30, 2020.
Lakshmi N. Mittal, Chairman and Chief Executive Officer of ArcelorMittal, noted that the third quarter marked an improvement in the group’s operating performance, fueled by a gradual recovery in global steel markets following a lockdown. Brazil and the ACIS Regions reported marked improvement in profitability. He added that the mining segment also performed well, taking advantage of higher iron ore prices.