ArcelorMittal, the world's number-two steel maker, saw its net profit tumble by 78 percent in the third quarter of 2022 as metal prices fell from "exceptional" levels during the post-Covid recovery and energy prices soared.
The global steel market is suffering both from the slowdown in China's economic growth -- the world's largest user of steel -- and from the fallout of the war in Ukraine and the surge in energy prices in Europe.
From July to September, ArcelorMittal said in a statement that it made a net profit of $993 million compared to $4.6 billion in the same quarter last year, bringing the profit for the first nine months of the year to $9 billion compared to $10.9 last year.
"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," said Aditya Mittal, ArcelorMittal CEO.
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