© Reuters. FILE PHOTO: A crane works on moving steel coils at ArcelorMittal Dofasco steel mill in Hamilton, Ontario, Canada, October 13, 2022. REUTERS/Carlos Osorio
BRUSSELS (Reuters) – ArcelorMittal (NYSE:), the world’s second largest steelmaker, on Thursday reported higher than expected third-quarter earnings as cost cutting and energy savings offset declining demand.
The Luxembourg-based company said third-quarter core profit (EBITDA), the figure most watched by the market, was $2.7 billion, which was less than half the year-ago figure, but higher than the average forecast in a company poll of $2.34 billion.
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