The steel giant posted a net profit of $993m compared to $4.6bn in the same quarter last year.  (Photo: Guy Wolff/Maison Moderne/Archives)

The steel giant posted a net profit of $993m compared to $4.6bn in the same quarter last year.  (Photo: Guy Wolff/Maison Moderne/Archives)

Due to the energy crisis, ArcelorMittal posted a 78% drop in net profit in the third quarter of 2022. But the steelmaker will continue its strategy of investing in the decarbonisation of its production.

ArcelorMittal's net profit in the third quarter. The steel giant made $993m in net profit compared to $4.6bn in the same quarter last year. The company's year-to-date profit is down to $9bn from $10.9bn in the same quarter last year.

To justify this drop, the steelmaker explained that metal prices had fallen heavily after exceptional levels during the post-covid recovery. The steelmaker's results were also impacted by higher energy prices.

In addition, ArcelorMittal reduced production in the face of soaring energy costs by closing and in Europe.


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“The strong market conditions that we have enjoyed for much of the past two years deteriorated in the third quarter. Seasonally lower shipments, reduced price levels, destocking and higher energy costs combined to put pressure on earnings. The company reacted quickly to the changing environment, cutting high-cost capacity to manage demand and reduce fixed costs while reducing gas consumption in Europe by 30%," group chief executive Aditya Mittal said in a statement.

Despite this setback, the steelmaker confirmed that it would continue its strategy of investing in the

This story was first published in on Paperjam. It has been translated and edited for Delano.