The largest steelmaker in the world, ArcelorMittal SA said that it was able to gain higher than expected profits for the third quarter even with the weak mining operations because of the improvements in its European and U.S. steel businesses.
Making about 6% of the steel production in the world, ArcelorMittal is also one of the leading iron ore producers in the globe.
The company just recently made an adjustment in its forecast for the steel consumption in the world because of the slowdown in China plus the major declines in the former Soviet states as well as in Brazil.
However, what’s important is that ArcelorMittal was able to make a sharp upward revision on its U.S. consumption estimate while Europe was not changed that much. By the way, these two regions of the world account for around two-thirds of the steelmaker’s shipments.
The third-quarter profit of ArcelorMittal was $1.91 billion which went higher than the analyst estimates and increased by almost 12% than its profit for the same period of last year.
According to Lakshmi Mittal, the chief executive of ArcelorMittal, the company was able to fare well in Europe for the third quarter of 2014 and that he sees a strong recovery in North America plus a turnout in the operations in Africa.