ArcelorMittal profit jumps by 48 per cent

ArcelorMittal, the world's biggest steel company, has said profits jumped 48 per cent in the three months to the end of September compared with the same period a year earlier.

Third-quarter net profit was $1.35bn (£858bn), up from $910m a year earlier.

Sales increased by 30 per cent against a year ago, to $21.04bn.

However, earnings were down on the second quarter of teh year and the company warned of higher raw materials prices and slowing demand.

ArcelorMittal's chairman, Lakshmi Mittal, said: "Our outlook for the fourth quarter remains cautious as the expected higher input prices continue to work through the business and demand remains muted, though with some regional differences."