Arcelor Mittal net profit plummets 78% in Q3

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ArcelorMittal, the world’s number-two steel maker, saw its net profit tumble by 78 per cent in the third quarter of 2022, as metal prices fell from “exceptional” levels during the post-Covid recovery and energy prices soared.

The global steel market is suffering both from the slowdown in China’s economic growth — the world’s largest user of steel — and from the fallout of the war in Ukraine and the surge in energy prices in Europe.

From July to September, ArcelorMittal said in a statement that it made a net profit of $993 million compared to $4.6 billion in the same quarter last year, bringing the profit for the first nine months of the year to $9 billion compared to $10.9 last year. —AFP

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