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Arcelor Mittal Q3 Profit Down On Weak Production

Steel and mining major Arcelor Mittal SA (MT) reported Thursday that its third-quarter net income attributable to equity holders of the parent declined to $993 million from last year's $4.62 million.

Basic earnings per share were $1.11, down from $4.17 a year ago.

Sales declined to $18.98 billion from last year's $20.23 billion.

Crude steel production fell to 14.9 million tonnes from prior year's 17.2 million tonnes. Steel shipments also declined to 13.6 million tonnes from 14.6 million tonnes a year ago.

Looking ahead, the company said the short-term outlook for the industry remains uncertain and caution is appropriate.

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