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ArcelorMittal's loss shrinks in third quarter

Published: 07th November 2013 03:49 PM  |   Last Updated: 07th November 2013 03:58 PM   |  A+A-

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Chairman and Chief Executive Officer of ArcelorMittal Lakshmi Mittal is seen in Luxembourg in this February 2008 (File photo/Reuters)

By PTI

ArcelorMittal SA, the world's largest steelmaker, says its third quarter loss shrank as the company cut costs and the steel market is poised for recovery.

The Luxembourg-based company Thursday posted a net loss of USD 193 million, compared to a loss of USD 642 million in the same period a year ago.

Revenues fell 0.5 per cent to USD 19.6 billion, due to lower average selling prices. Volumes increased 1 per cent to 21.1 million metric tons.

Operating income earnings before interest and taxes recovered to USD 477 million from USD 55 million, with interest costs from the company's USD 17-billion debt burden the main reason for the net loss.

CEO Lakshmi Mittal says he believes "the bottom of the cycle is behind us" and he sees signs of a further recovery in 2014.
 

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