ArcelorMittal SA said on Thursday that its basic earnings per share (EPS) stood at $1.11 in the third quarter of 2022, plummeting 73% compared to the same period in 2021.
The steel and iron manufacturing corporation's sales fell from $20.2 billion last year to $19 billion in the quarter to September this year, while net income tumbled 78% year on year to hit $993 million. Operating income amounted to $122 million and EBITDA was $2.7 billion. ArcelorMittal also said its steel shipments fell 7% to 13.6 million metric tonnes.
"The strong market conditions enjoyed for much of the past two years deteriorated in the third quarter as seasonally lower shipments, a reduction in exceptional price levels, destocking and higher energy costs combined to put profits under pressure. The business responded quickly to the changing environment, cutting higher cost capacity to manage addressable demand and reduce fixed costs, and reducing European gas consumption by 30%," CEO Aditya Mittal stated.
