Steel manufacturer Aperam saw its profits more than double in the third quarter of 2024, driven by robust performance in its Brazilian division, higher prices, and a successful cost-saving and digitalization program. The company, a major steel producer in Europe and South America, operates six facilities across Belgium, France, and Brazil.

In the third quarter, Aperam reported an operating profit of EUR49 million, up from EUR19 million in the second quarter and a significant recovery from a EUR36 million loss in the same quarter last year. CEO Timoteo Di Maulo attributed this improvement to Brazil's smooth operations following a US$120 million upgrade to its hot rolling mill. Despite challenging market conditions, Aperam achieved historic profitability per ton due to a better product mix.

Third-quarter sales reached EUR1.49 billion, with shipments increasing to 617,000 tons. Aperam aimed to reduce net debt by the end of the year as it prepared for its upcoming expansion into the U.S. and aerospace markets.