For the quarter ending 30 September, the company said it recorded a profit of US$1.2 billion, or US$1.18 per diluted share, on sales of US$17.6 billion. In the same quarter last year, the steelmaker reported a net income of US$680 million, or 67 cents per diluted share, on sales of US$14.5 billion. 

The company said sales were up on higher prices for and shipments of steel and iron ore. Companywide, steel shipments rose 6.9% to 21.7 million metric tons. Meanwhile, iron ore shipments grew 12.3% to 9.1 million metric tons.  

"Favorable market conditions have supported another solid quarterly performance, with EBITDA for the first nine months considerably improved year on year. Operating conditions continue to improve, with key indicators including the ArcelorMittal weighted PMI implying a positive outlook for 2018," ArcelorMittal chairman and chief executive Lakshmi Mittal said in a statement.