ArcelorMittal SA, the world's largest steel maker, reported Wednesday its first ever quarterly loss - at $2.6 billion - during the fourth quarter as it wrote down the value of assets amid collapsing demand.
The loss compares with a $2.44 billion profit a year earlier.
Sales during the three months to Dec. 31 fell 21 percent to $22.1 billion from a year ago, the company said.
It blamed the loss on pretax charges of $4.4 billion to write down stockpiled steel and raw material contracts as well as payouts to workers being laid off.
Full story at Forbes
Technorati Tags: Steel,ArcelorMittal
No comments:
Post a Comment