Coal Undercuts ArcelorMittal’s Best Quarter in Two Years
- Top steelmaker says profitability will fall in final quarter
- Earnings have been buoyed by higher iron ore and steel prices
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Coal’s dramatic rally this year is pouring cold water on ArcelorMittal’s best earnings report in two years.
The world’s biggest steelmaker is benefiting from higher steel prices after China’s economy stabilized and policy makers around the world pledged to back growth. But expensive prices for coal, one of the main ingredients to make steel, will soon start cutting into earnings, the company said on Tuesday.