ArcelorMittal jumps back into profit

Jul 28, 2010 |

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July 28: ArcelorMittal posted a profit of $1.7 billion in April-June quarter but expressed concerns over the prospects for the next three months saying the dip in European and Chinese markets could impact the performance. “The improved performance in the second quarter is in line with our expectations and reflects the continued slow and progressive recovery (in demand and prices),” ArcelorMittal chairman and chief executive officer, Mr L.N. Mittal, said after announcing the highest net profit in last four quarters.

In the year-ago period, the company had a net loss of $792 million, ArcelorMittal said in a statement. On the outlook, Mr Mittal said that the steel major is “concerned” over the current quarter and the second half of 2010. The Arcelor-Mittal chairman, however, added that situation was much better than the slowdown of 2009 when the company was operating at 59 per cent of its production capacity.

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