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ArcelorMittal profits up 48% but demand is slowing | ArcelorMittal profits up 48% but demand is slowing |
(about 1 hour later) | |
ArcelorMittal, the world's biggest steel company, has said profits jumped 48% in the three months to the end of September compared with the same period a year earlier. | ArcelorMittal, the world's biggest steel company, has said profits jumped 48% in the three months to the end of September compared with the same period a year earlier. |
Third-quarter net profit was $1.35bn (£858bn), up from $910m a year earlier. | Third-quarter net profit was $1.35bn (£858bn), up from $910m a year earlier. |
Sales increased by 30% against a year ago, to $21.04bn. | Sales increased by 30% against a year ago, to $21.04bn. |
But compared with the second quarter this year, earnings were down and the company warned of higher raw materials prices and slowing demand. | But compared with the second quarter this year, earnings were down and the company warned of higher raw materials prices and slowing demand. |
ArcelorMittal's chairman, Lakshmi Mittal, said the business had not matched expectations and that he was uncertain about the final three months of the year. | ArcelorMittal's chairman, Lakshmi Mittal, said the business had not matched expectations and that he was uncertain about the final three months of the year. |
"Our outlook for the fourth quarter remains cautious as the expected higher input prices continue to work through the business and demand remains muted, though with some regional differences." | "Our outlook for the fourth quarter remains cautious as the expected higher input prices continue to work through the business and demand remains muted, though with some regional differences." |
Steel spot prices have fallen but iron ore - one of the key raw materials for steel - prices have risen. | Steel spot prices have fallen but iron ore - one of the key raw materials for steel - prices have risen. |
Steel demand has been growing although it remains below pre-crisis levels. | Steel demand has been growing although it remains below pre-crisis levels. |
ArcelorMittal's shares were more than 4% lower in morning trading and European steelmakers lost ground too on the warning of a worsening outlook. | |
ArcelorMittal, headquartered are in Luxembourg, is responsible for around 6% of the world's steel output. | ArcelorMittal, headquartered are in Luxembourg, is responsible for around 6% of the world's steel output. |
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