ArcelorMittal back in profit, but sees muted upturn | business | Hindustan Times
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ArcelorMittal back in profit, but sees muted upturn

ArcelorMittal, the world's top steel-maker, said on Wednesday that it had made money in the third quarter after a nine-month losing streak, an unexpected turnaround reflecting healthier demand and thousands of job cuts.

business Updated: Oct 28, 2009 20:52 IST

ArcelorMittal, the world's top steel-maker, said on Wednesday that it had made money in the third quarter after a nine-month losing streak, an unexpected turnaround reflecting healthier demand and thousands of job cuts.

The company posted a net profit of $ 903 million (Rs 4,276 crore) for the July-September quarter.

ArcelorMittal had suffered a net loss of $792 million (Rs 2,967 crore) in the previous quarter, and last posted a net profit (of $3.82 billion, Rs 18,092 crore) in the third quarter of 2008, before the financial crisis.

“We saw the first signs of recovery in the third quarter ... We should see a further improvement going into 2010 although the operating environment remains difficult,” company head Lakshmi Mittal said in a statement.