ArcelorMittal Reports 3rd Quarter Profit

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Coiled steel for import

Steel giant ArcelorMittal reported net income of $22 million or a penny per share in the third quarter of 2014, an improvement over  a loss of $193 million or 12 cents per share in the year-ago quarter.

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Revenues went up 2.2% year-on-year to $20.1 billion in the reported quarter. Sales increased year-on-year due to increased steel shipments and higher marketable iron ore shipments. Total shipments rose 3.9% over last year to 21.5 million metric tons in the quarter.

EBITDA was $1.9 billion in the third quarter, a 11.2% improvement from the year ago quarter.

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Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.77) and a low price of CNY 830.00 ($135.14) per dry metric ton. The price of Chinese HRC showed little movement on Monday at CNY 2,970 ($483.57) per metric ton. The price of Chinese coking coal held steady at CNY 1,390 ($226.32) per metric ton.

The steel billet cash price was unchanged on the LME at $465.00 per metric ton. For the fifth day in a row, the 3-month price of steel billet remained essentially flat on the LME at $455.00 per metric ton.

The US HRC futures contract 3-month price saw little change in its price yesterday at $630.00 per short ton. The spot price of the US HRC futures contract remained essentially flat at $632.00 per short ton.

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