On November 7, Arcelor Mittal released its production and operation results for the third quarter of 2019. In the third quarter, Arcelor Mittal's operating profit was $297 million, compared with a loss of $200 million in the second quarter; EBITDA was $1063 million, down 33.56% from $1.6 billion in the previous quarter; net loss was $539 million, compared with $447 million in the second quarter.

In the third quarter, Arcelor Mittal's steel sales volume was 20.2 million tons, down 7.3% compared with the second quarter, mainly due to seasonal impact; iron ore sales volume was 14.6 million tons, up 2.7% year-on-year, of which 8.4 million tons were sold at market price (down 1.5% year-on-year).

Arcelor Mittal's total debt as of September 30, 2019 was $14.3 billion, an increase of $500 million compared to $13.8 billion as of June 30, 2019; net debt increased to $10.7 billion due to seasonal working capital investment ($200 million).

Lakshmi n. Mittal, chairman and CEO of Arcelor Mittal, said: "as expected, in the third quarter, we continue to face market challenges of low steel prices and high raw material costs. In this context, our current priorities are to reduce costs, adjust production plans and work to ensure a positive cash flow. We expect a significant release of working capital in the fourth quarter, which will reduce the net debt of the company. "