The company said it expects global steel demand to grow by between 12% and 13% this year, excluding China, where real demand has weakened. Arcelor now expects a slight contraction in Chinese steel demand in 2021, it said, citing the country’s real estate sector. Third-quarter core profit (EBITDA), the figure most watched by the market, showed about a sixfold increase from the same period last year at $6.06 billion, slightly lower than the average forecast of $6.15 billion in a company poll. It was the strongest quarter since 2008 and up 19.9% from the previous three-month period, the company added.

“Our third-quarter results were supported by the continuing strong price environment, resulting in the highest net income and lowest net debt since 2008,” CEO Aditya Mittal said. The group’s net debt declined to $3.9 billion, the lowest since 2006.