Down in third quarter

(CS) Steel giant ArcelorMittal announced a decrease in net income for the third quarter of 2011 to 659 million dollars, less than half the income from the second quarter.

Other operations were also affected from the decline in business. Iron ore and crude steel production and shipments were all down while sales also dropped by around one billion dollars from the second quarter to just over 24 billion.

Despite the slow-down, sales earnings were up in comparison to the same period in 2010. This, however, is mainly due to higher steel prices.

In a press statement CEO Lakshmi N. Mittal said: “Uncertainties around the economic outlook have increased in recent weeks, impacting the confidence levels of our customers.”

Nonetheless, the company intends to end the last six months of 2011 with results above the second half of 2010.

The statement continues saying that ArcelorMittal's “core profitability is resilient, supported by our growing mining business, our market leading value-added steel franchise and our management gains programs.”

Already, figures show an increase in business during the nine months ending September 2011 in comparison to the same 2010 period.