Source: AFP
ArcelorMittal, the world’s largest steel maker, reported a 22-per cent drop in 2011 profit to US$2.3 billion owing to a difficult end to the year but forecast an improvement for 2012.
“Looking ahead to 2012, the situation in Europe remains a live concern,” Lakshmi N. Mittal, ArcelorMittal’s chairman and chief executive said in a statement.
“Despite the continued uncertainty in this market, however, we are seeing an improvement in sentiment compared with the fourth quarter,” he said.
The company posted a net loss in the fourth quarter of 2011 of US$1.0 billion due in part to US$1.3 billion in charges, the company said. The company had posted a US$780-million loss in the same period last year.
For the year, Arcelor said operating profit, its benchmark measure, increased by 18.7 per cent to US$10.1 billion, in line with analyst expectations.
Sales for 2011 rose by 20 per cent on a 12-month basis to US$94 billion with fourth-quarter earnings up 8 per cent despite declining demand.
