ArcelorMittal says steel gains offset weak iron ore mining
ArcelorMittal SA, the world’s largest steelmaker, reported a higher profit in the third quarter and said the improvement in its steel business was offsetting weak mining operations hit by the low price of iron ore.
The company reported third-quarter core profit (EBITDA) of $1.91 billion, above the average $1.82 billion expectation in a Reuters poll of brokers. Last year, the figure was $1.71 billion.
The company, which makes about 6 per cent of world steel and is also one of the world’s largest iron ore producers, making it a broad gauge for the health of global manufacturing, repeated its forecast of yearly core profit to be “in excess of” $7 billion.