[Ferro-Alloys.com] ArcelorMittal, the world’s leading integrated steel and mining company, last Thursday announced results for the three-month and nine-month periods ended September 30, 2019.

• Operating income of $0.3bn in 3Q 2019 as compared to an operating loss of $0.2bn in 2Q 2019

• EBITDA of $1.1bn in 3Q 2019, 31.6% lower as compared to $1.6bn in 2Q 2019, primarily reflecting the impact of seasonally lower steel shipments and negative price-cost effect on the steel business, and the impact of lower marketable iron ore shipments (-14.7%) and lower iron ore quality premia11 on the mining segment results

• Steel shipments of 20.2Mt in 3Q 2019, 7.3% below 2Q 2019 on a comparable basis (i.e excluding scope effect

of remedy assets) largely reflecting seasonality

• 3Q 2019 iron ore shipments of 14.6Mt (+2.7% YoY), of which 8.4Mt shipped at market prices (-1.5% YoY)

Commenting, Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO, said:

"As anticipated, we continued to face tough market conditions in the third quarter, characterized by low steel prices coupled with high raw material costs. In these markets, we remain focused on our own initiatives to improve performance and our priority is to reduce costs, adapt production and focus on ensuring the business remains cash flow positive. We continue to expect a substantial working capital release in the fourth quarter which should enable us to further reduce net debt year on year.” (ArcelorMittal)

• [Editor:kangmingfei]