(fxcue news) - ArcelorMittal S.A. Thursday reported sharply lower profit in its third quarter as revenues were hit by weak production, shipments and steel prices. Going ahead, the company projects increased demand in the second half as well as over the medium/long-term. The steel major's shares were gainig around 6 percent on the Amsterdam trading, and around 5 percent in the pre-market activity on the NYSE. Looking ahead, Aditya Mittal, ArcelorMittal Chief Executive Officer, said, "Apparent demand is expected to be stronger in the second half of this year compared with 2023, and inventory levels are low, indicating that re-stocking will occur when real demand recovers. The increased level of imports into Europe is a concern and stronger trade measures are urgently required to address this.... Globally, the medium to long-term outlook for steel is positive, and we are confident that ArcelorMittal will continue to harness its unique geographic presence and strong research and development capability to meet our stakeholders needs and produce smarter steels for people and planet." The company said it believes current market conditions are unsustainable as China's excess production relative to demand is resulting in very low domestic steel spreads and aggressive exports. The company expects apparent demand in aggregate markets to be higher in the second half than same period last year. In its third quarter, net income attributable to equity holders of the parent dropped to $287 million from last year's $929 million. Basic earnings per common share were $0.37, down from $1.11 a year ago. Adjusted net income attributable to equity holders of the parent was $488 million or $0.63 per share, compared to $929 million or $1.11 per share a year ago. Analysts on average expected the company to report earnings of $0.51 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. EBITDA also declined to $1.58 billion from prior year's $2.15 billion. In the quarter, sales were $15.20 billion, lower than last year's $16.62 billion. The Street was looking for sales of $15.25 billion. Crude steel production dropped to 14.8 million tonnes from 15.2 million tonnes a year earlier. Steel shipments fell to 13.4 million tonnes from 13.7 million tonnes last year. Total Group iron ore production was 10.1 million tonnes, down from 10.7 million tonnes last year. In Amsterdam, ArcelorMittal shares were gaining around 6 percent to trade at 24.51 euros. In pre-market activity on the NYSE, the shares were gaining around 5.1 percent to trade at $26.71. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.