ArcelorMittal's Third Quarter Struggles Amid Steel Market Challenges

ArcelorMittal reported a 69% drop in net income for the third quarter of 2024, largely due to decreased steel shipments. Despite this, the company is optimistic about long-term steel demand. Its new renewable energy project in India has begun operation, aiming to significantly cut carbon emissions.

ArcelorMittal, a major player in the steel industry, experienced a significant 69% decline in net income for the third quarter, reporting figures of USD 287 million. The reduction is mainly attributed to a fall in steel shipments.

The Luxembourg-based company maintains a positive long-term outlook for steel demand. CEO Aditya Mittal emphasized the importance of their strategic geographic presence and robust R&D capabilities in meeting future demand.

ArcelorMittal's first renewable energy project started delivering power to its AMNS India operations, reflecting the company's ongoing commitment to sustainability and strategic growth investment.

(With inputs from agencies.)