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Article: ArcelorMittal posts 3rd consecutive quarterly loss
- Article from:
- AP Online
- Article date:
- July 29, 2009
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The world's largest steel maker, ArcelorMittal SA, on Wednesday reported a loss of $792,000 for the second quarter, its third consecutive quarterly loss, but said demand was recovering and that it would increase production.
CEO Lakshmi Mittal said the company would restart production at some plants to meet "some initial signs" that the steel slump is ending. He warned that full recovery would be slow and progressive.
ArcelorMittal blamed the net loss on $1.2 billion in charges from writing down steel stocks and paying severance to workers who took up the company's voluntary redundancy program. The company made a profit of $5.8 billion last year.
Revenues more than halved for the three months ...