ArcelorMittal reports a 75% fall in net income in the 3rd quarter
The metallurgical giant did not go through the current crisis unscathed. ArcelorMittal reported a profit of $2.7 billion, which sounds good, until you consider that in the previous quarter the amount of money gained by the company was twice as high. The company has already decided to cut some of its expenses.
ArcelorMittal had a net income of just $1 billion in the third quarter. In the second quarter, it was $4 billion, and in the third quarter of 2021, it was $4.6 billion. The main reason for this drop, as expected, is the growing cost of electricity. In addition, steel transportation volumes decreased by 7% compared to the previous year.
So far, company representatives have not made any statements regarding layoffs. The company set its priorities to reducing gas costs by a third and abandoning a part of fixed costs.