ArcelorMittal reported its highest quarterly profit since 2008 as the company announced its Q3 2021 results.

The company made profits of $6.1bn in the third quarter, 19.9% higher than in the second quarter, its previous record since 2008. 

Net debt in the quarter fell to $3.9bn, its lowest level since 2008. Sales were also higher at $20.2bn. 

The company is increasing its share buyback by a further $1bn, bringing capital returns announced since September 2020 to $6bn. 

The global recovery from the pandemic has helped fuel demand for steel and this demand has seen prices rise.

Commenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said: “Our third quarter results were supported by the continuing strong price environment, resulting in the highest net income and lowest net debt since 2008. 

“However, this success has been outweighed by our safety results. Improving the group’s safety performance is of the highest priority. 

“We have already this year significantly strengthened our safety procedures and will be analysing what further interventions can be introduced to ensure we eliminate all fatalities.

“At the beginning of the quarter, we announced an ambitious 2030 CO2 reduction target, backed by plans to invest in various decarbonisation initiatives. It is our stated aim to lead the steel industry’s important role in ensuring the global economy achieves net zero. 

“That is why we joined Breakthrough Energy Catalyst, are collaborating with the Science Based Targets initiative on a new methodology for the steel sector and are supporting the Industrial Deep Decarbonisation Initiative’s campaign for green public procurement, which was launched at COP26 this week.

“Despite the volatility we continue to see as a result of the ongoing presence and repercussions of COVID-19, this has been a very strong year for ArcelorMittal. We have re-positioned our balance sheet, re-set ourselves for the transition to a low-carbon economy, we are growing strategically through high-quality, high-return projects and we are returning capital to shareholders. 

“We are aware of the challenges but excited by the opportunities that will exist for steel in the coming years and beyond.”

“The outlook remains positive: underlying demand is expected to continue to improve; and, although marginally off the recent record highs, steel prices remain at elevated levels, something which will be reflected in the annual contracts for 2022.”