ArcelorMittal posts its third-quarter net revenue, beating profit expectations amid the coronavirus pandemic

On Thursday, ArcelorMittal (MT) posted its net revenue for the third quarter. The world’s largest steelmaker said that the easing of coronavirus restrictions improved the steel demand worldwide.

ArcelorMittal said that its operating income reached $0.7 billion in the third quarter, including impairment net reversal worth $0.6 billion.

ArcelorMittal’s Chief Executive Officer Lakshmi Mittal stated that “steel markets had recovered from a very challenging second quarter with particular improvement in Brazil’s profits and its unit grouping South Africa. Kazakhstan, and Ukraine.”

He also added that the Luxembourgish multinational steel manufacturing corporation would focus on Hydrogen-DRI and Smart Carbon technologies. The move was supported by a policy framework that could make carbon-neutral steel making a reality.

ArcelorMittal’s core profit fell by 15% to $901 Million compared to analysts’ average expectation of $838 Million.