ArcelorMittal obtained a net profit of 9,000 million dollars (about 9,020 million euros) in the first nine months of 2022, which represents a drop of 17% compared to 10,911 million dollars (about 10,885 million euros) in the same period last year, the company reported to the National Securities Market Commission (CNMV).

The net profit of the steel giant in the third quarter of the year (from July to September) amounted to 993 million dollars (about 990.6 million euros).

For its part, the gross operating result (Ebitda) stood at 12,903 million dollars (about 12,872 million euros) at the end of September, 10% less, and at 2,660 million dollars (about 2,653 million euros ) in the third trimester.

ArcelorMittal noted that this third quarter was affected by a negative price-cost effect, “headwinds” from energy costs and a 5.6% sequential decline in steel shipments to 13.6 million tonnes, a 7.1% less than in the same period last year.

He also added that steel shipments are broadly stable from last year, excluding ArcelorMittal Kryvyi Rih, which was affected by the war in Ukraine.

The group’s net debt stood at 3,900 million dollars (about 3,892 million euros) at the end of September, compared to 4,200 million dollars (about 4,191 million euros) at the end of June.

ArcelorMittal CEO Aditya Mittal said the strong market conditions enjoyed for much of the past two years “stood in the third quarter as seasonally lower shipments, a reduction in exceptional price levels, destocking and higher energy costs combined to put pressure on earnings.”

He also added that the short-term outlook for the industry remains “uncertain and caution is warranted.” However, he stressed that ArcelorMittal “has the strength, resilience and experience to face the future with confidence.” “Supported by a strong balance sheet, we will continue to focus on executing our strategy, designed to ensure our long-term leadership in the sector, as well as to generate sustainable returns for investors,” he said.