Steelmaker ArcelorMittal: 3Q operating profit doubles on rising steel volumes

IndustriesAssociated Press

ArcelorMittal SA, the world's largest steelmaker, says operating profits rose strongly in the third quarter on improved European operations and higher steel volumes, despite a decline in iron ore prices.

The Luxembourg-based company Friday reported third-quarter net profit of $22 million, compared with a loss of $193 million in the third quarter of 2013. Then, ArcelorMittal booked a $101 million charge to cancel developing an iron mine in Senegal. Third-quarter sales rose 2.6 percent to $20.1 billion, and operating profit doubled to $959 million from $477 million.

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The company shipped 21.5 metric tons of steel, a 3.9 percent increase.

Chief Executive Lakshmi Mittal said earlier restructurings of European operations are bearing fruit and he does not "foresee a deterioration in our performance" in the fourth quarter.