ArcelorMittal posts $780 million loss
ArcelorMittal says it posted a net loss of $780 million in the fourth quarter of 2010 due to higher raw material prices and the cost of spinning off its stainless steel unit.business Updated: Feb 08, 2011 12:12 IST
ArcelorMittal, the largest steel maker of the world, today reported $ 780 million net loss in the last quarter of 2010 against $ 1,109 million net profit in the year-ago period.
Net sales, however, rose to $ 20,699 million vis-a-vis $ 17,434 million in the October-December quarter of the last year, ArcelorMittal said in a statement here.
The net profit of the company for the whole year, 2010, rose to $ 2,196 million compared to $ 157 million in 2009. Net sales during the period went up to $ 78,025 million from $ 61,021 million a year ago.
Commenting on the results, ArcelorMittal Chairman and Chief Executive Officer Lakshmi N Mittal said," Although 2010 continued to be a challenging year, as anticipated, we saw a slow and progressive recovery which enabled us to deliver a substantially improved performance compared with 2009".
"The gradual underlying demand recovery continues and we expect 2011 to be stronger than 2010," he added.