Beating forecasts, ArcelorMittal on Thursday reported a 18.5 per cent rise in its core profits (EBITDA) to $1.713 billion during the third quarter as it fared better almost on all parameters, including rise in steel shipments and iron ore sales.
The company also said that "bottom of the cycle is behind us" and it is "cautiously optimistic" for 2014.
In the corresponding quarter of 2012, the world's largest steelmaker had posted an EBITDA (earnings before interest, tax, depreciation and amortisation) of $1.445 billion.
Marketmen were expecting an EBITDA or core profits of USD 1.549 billion for the July-September quarter.
The company also managed to narrow down its net loss by over 3 times to $193 million from $652 million of the third quarter of 2012.
However, this was the fifth consecutive quarterly loss posted by the company.
"After a weak first half, we have seen third quarter performance improve year-on-year, positively impacted by our cost optimisation efforts and the increased shipments from our mining expansion," ArcelorMittal Chairman and CEO l N Mittal said in a statement on the results.