Wednesday, February 11, 2009

ArcelorMittal posts first ever quarterly loss

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

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