ArcelorMittal reports first quarter loss

Thursday, May 9th, 2013 | Finance News

AMSTERDAM (AP) — ArcelorMittal SA, the global steel-making giant, has reported a loss for the first quarter, even as restructuring efforts are beginning to pay off and the steel market is stabilizing after a sharp decline in mid-2012.

The net loss was 345 million euros ($450 million), compared to a profit of 92 million euros in the first quarter of 2012. The worse results were due to weaker operations and because the Luxembourg-based company had a tax windfall this time last year.

Sales fell 13 percent to 19.8 billion euros, and operating profit fell 50 percent to 404 million euros.

The company's Indian born chief executive Lakshmi Mittal said Friday economic conditions are still difficult, but a shift to producing more steel in the company's most competitive plants and geographies is paying off.