ArcelorMittal Q3 profit climbs on shipments
Earnings per share were $1.18, higher than $0.67 last year.
Operating income of $1.2 billion increased 2.5% from last year. EBITDA of $1.9 billion grew 1.5%.
Sales for the quarter were $17.64 billion, higher than $14.52 billion a year earlier.
Steel shipments of 21.7Mt increased 6.8% year-over-year. Iron ore shipments grew 8.1 percent to 15Mt.
Looking ahead, the company said market conditions are favorable. The demand environment remains positive and steel spreads remain healthy.
The company continues to expect cash needs of the business to be approximately $4.6 billion in 2017.
Given the improved market conditions, the company now expects a full year 2017 investment in working capital of approximately $2.0 billion, as compared to previous guidance of approximately $1.5 billion. ■