By Nathan Allen
ArcelorMittal (MT.AE) said on Friday that net profit rose sharply in the third quarter, due in part to favorable market conditions.
Net profit at the Netherlands-listed steelmaker rose to $1.21 billion, almost doubling the year-earlier result of $680 million and comfortably exceeding an analyst consensus from FactSet of $770 million.
Sales climbed more than 21% to $17.08 billion from $14.52 billion a year earlier.
Steel shipments were up 6.9% at 21.7 million metric tons, the company said, while iron ore shipments increased 8.1% to 15 million metric tons.
The company also said it booked a foreign exchange gain of $132 million, compared with a $223 million loss a year earlier. Income tax expenses dropped $75 million on the year.
Chief Executive Lakshmi Mittal said he saw a positive outlook for 2018 but warned of global overcapacity in the sector.
ArcelorMittal also said it would cooperate fully with a recently announced European Commission antitrust investigation into its proposed takeover of Ilva's Italian steelworks.
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