ArcelorMittal Q3 net income $0.7 billion
Net income was $0.7 billion in Q3 2016 as compared to net income of $1.1 billion in Q2 2016 (which included one-time $0.8 billion gain from employee benefits at ArcelorMittal USA).
Net loss was $0.7 billion in Q3 2015. Steel shipments of 20.3Mt in Q3 2016, a seasonal decline of 8.1% as compared to Q2 2016; steel shipments of 63.9Mt in 9M 2016, down 1.5% YoY.
Net debt decreased to $12.2 billion as of September 30, 2016, as compared to $12.7 billion at June 30, 2016; net debt lower by $4.6 billion as compared to $16.8 billion as of September 30, 2015.
Lower steel prices in the U.S., together with the impact of rapidly rising metallurgical coal prices on steel spreads in other geographies, is expected to lead to a decline in profitability in 4Q 2016 as compared to Q3 2016.
Taking into account an expected full year investment in operating working capital of approximately $1 billion (versus previous estimate of ~$0.5 billion), the company expects cash flows from operating activities to exceed capex in 2016. ■