ArcelorMittal, profits skyrocketing at 4.6 billion dollars: “the highest since 2008”
The the world’s leading steel producer ArcelorMittal made its “highest since 2008” third quarter profit of $ 4.6 billion, after a loss of $ 261 million in the third quarter of 2020, marked by the aftermath of the closure of blast furnaces during the period of the health crisis.
“Our third quarter results were supported by still high prices which resulted in the group’s highest net profit and lowest net debt since 2008,” said the head of the group. Aditya Mittal group.
The steel and mining company said sales increased to 20.23 billion from 13.27 billion the previous year. ArcelorMittal said it expects global apparent steel consumption, excluding China, to grow within the previous forecast of 12% -13% this year.
However, he said weakening demand in China, due to its poor performance in the real estate sector, is leading the company to expect a slight contraction in apparent demand for Chinese steel in 2021.
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