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Luxembourg-based steel giant ArcelorMittal reported Q3 net income of US$1.21bn, up 77.2% compared with US$680mn in the same quarter last year.
Sales jumped to US$17.6bn from US$14.5bn, while Ebitda rose to US$1.92bn from US$1.90bn, the company reported Friday in an earnings release.
Steel shipments were up to 21.7Mt from 20.3Mt, while crude steel output rose to 23.6Mt from 22.6Mt, the company said. Iron ore production rose 0.5Mt to 14.2Mt.
"Favorable market conditions have supported another solid quarterly performance, with Ebitda for the first nine months considerably improved year-on-year. Operating conditions continue to improve, with key indicators including the ArcelorMittal weighted PMI implying a positive outlook for 2018," chairman and CEO Lakshmi Mittal (pictured) said.
ArcelorMittal Brasil reported operating income of US$128mn for the quarter, compared with US$233mn in 3Q16.
Steel sales rose to US$2.06bn from US$1.73bn but Ebitda was down to US$202mn from US$301mn, the company said.
Crude steel output fell to 2.80Mt from 2.89Mt as a result of planned maintenance at Monlevade, which was completed during the quarter.
Shipments rose to 2.94Mt from 2.75Mt, primarily due to a 4.9% increase in flat product steel shipments and a 25% rise in long product steel shipments. Both exports and domestic shipments increased, ArcelorMittal said.
Brazil's apparent steel consumption is expected to grow 2-3% this year, as the continued weakness in construction is partially offset by a modest improvement in consumer confidence and automotive demand, the company said.
In Latin America, ArcelorMittal – the world's largest steelmaker – also has operations in Mexico, Venezuela and Argentina.