Steelmaker ArcelorMittal returns to profit after three successive quarterly losses.

The world’s leading steelmaker, ArcelorMittal, has reported third quarter net income of $903 million (£553m), returning to profit for the first time since 2008.

ArcelorMittals’ Chairman and CEO is Lakshmi Mittal, Britain’s richest man and according to Forbes, the world’s 8th richest man.

The Luxemburg-based steelmaker said that its sales had also risen for the three months to 30 September 2009. It reported sales of $16.2 billion, compared to $15.2bn for the three months to 30 June 2009, though still a sharp fall compared to $35.2bn of sales in Q3 of 2008.

Total steel shipments for the quarter also showed optimism as they increased to 18.2 tonnes, compared to 17.0 tonnes in the second quarter.

Mr Mittal commented: “As anticipated, we have seen the first signs of recovery in the third quarter. In response to this increased demand, a number of our facilities have now been re-started, and we expect fourth quarter crude steel capacity utilisation to be approximately 70%.”

Looking forward to 2010, Mr Mittal conceded that although the operating environment will remain challenging, he expects to continue to see further gradual improvement.

Earlier this year, ArcelorMittal announced plans to raise $3bn of extra funding from shareholders, following its second successive quarterly loss. The Mittal family agreed to purchase 10% of the offering of common stock.  

Today (28 October) ArcelorMittal shares on the Paris Stock Exchange fell by 3.67%.