ArcelorMittal posts $1.35 bn net income in Q3

Steel giant ArcelorMittal today reported a net income of $1.35 billion for the third quarter but cautious in its outlook for the fourth quarter.

In the July-September quarter last year, the company had a net profit of $910 million, ArcelorMittal said in a statement.
    
"The business performed towards the lower end of our expectations in the third quarter against a background of seasonally lower volumes, weakening spot prices and higher costs," ArcelorMittal Chairman and CEO Lakshmi N Mittal said.
    
Expressing concerns about the fourth quarter, Mittal added that the outlook remained cautious as the expected higher input prices continue to work through the business and demand remains muted, though with some regional differences.
     
The company's sales increased to $21.03 billion in the third quarter ended September 30, 2010 from $16.17 billion in the year-ago period, thereby, registering a growth of 30.05 per cent.
    
During the quarter, overall steel shipments rose to 21 million metric tonnes from 18.2 million metric tonnes in the same quarter last year.
    
Besides, the steel producer reported Earnings Before Interest, Taxes, Depreciation (EBITDA) at $2.3 billion in the September quarter and said it expected to post EBITDA in the range of $1.5 billion to $1.9 billion in the fourth quarter.