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ArcelorMittal posts $780 million net loss in third quarter

The Lkashmi Mittal-led company, the largest steel maker in the world, reported sales of $20.6 billion to end the year, against $17.4 billion in the same quarter last year.

twitter-logo PTI   Luxembourg     Last Updated: February 8, 2011  | 14:24 IST

ArcelorMittal, the largest steel maker of the world, on Tuesday reported $780 million net loss in the last quarter of 2010, against $1,109 million net profit in the corresponding period year-ago.

Net sales, however, rose to $20,699 million vis-a-vis $17,434 million in the reviewed month, 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, 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.

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