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."