ArcelorMittal Q3 net up 29 per cent; forecasts weak fourth quarter

05 November 2008

Mumbai: ArcelorMittal, the world's largest steel maker, has reported a 29 per cent increase in its net income at $3.8 billion for the quarter ended 30 September despite production cuts at various facilities across the globe.

The company, however, slashed its earnings' outlook for the fourth quarter after cutting output and freezing growth plans in the face of a global slowdown.

Total sales were up 38 per cent at $35.2 billion in July-September 2008, compared with the same period last year, while EBITDA rose 76 per cent at $8.6 billion. Net income was up 29 per cent at $3.8 billion.

Total return to shareholders totalled $2.3 billion, including $0.5 billion in cash dividends paid and $1.8 billion in share buy-backs. Base dividend was maintained at $1.50 per share for 2009.

Total return to shareholders totaled $2.3 billion, including $0.5 billion in cash dividends paid and $1.8 billion in share buy-backs. Base dividend was maintained at $1.50 per share for 2009.

ArcelorMittal also undertook capital expenditure of $1.8 billion in Q308