ArcelorMittal reported a significant decline in its net income for the third quarter of 2024, falling by 69% to $287 million. The sharp decrease was attributed to weaker demand in key markets, including Europe and Asia, as well as a drop in steel prices. Despite these challenges, the company has continued its efforts to streamline operations and cut costs in response to market headwinds.

The global steel giant has been grappling with economic slowdowns in major economies, which have affected industrial production and construction activity. Additionally, fluctuating commodity prices, including iron ore, have put further pressure on profit margins. While ArcelorMittal has been focusing on efficiency improvements and cost management, the current market conditions have proven difficult to navigate.

In its outlook, ArcelorMittal expressed cautious optimism, with hopes for a recovery in demand and pricing in the latter half of 2024, especially if key markets stabilize. However, the company’s performance remains closely tied to broader global economic trends and the demand for steel.