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ArcelorMittal reports $1 bn loss in Q4

, February 7, 2012, 0 Comments

Luxembourg, February 7, 2012 : Largest steel maker in the world, ArcelorMittal reported loss of $1 billion in October-December 2011 quarter due to European situation. Net sales of the company were up at $22.4 billion during the reporting quarter against $20.6 billion in the last quarter of 2010. It sold 20.6 million tonnes steel against 21.1 million tonnes. In Q4 of 2010 company had reported $780-million loss, against $1.3 billion non-cash charges, which deferred tax, asset impairments and restructuring during Q4 of 2011.

Mr Lakshmi Mittal, Chairman and CEO of ArcelorMittal said “The growing uncertainty over the economic situation in Europe, which particularly affected sentiment and performance in the fourth quarter”. Sales were lower during the fourth quarter of 2011 compared to the third quarter of 2011 primarily due to lower average steel selling prices. “We are again targeting increased production from our mining business” Mr Mittal said.