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Article Excerpt
ArcelorMittal
Posts $2.6 Billion Loss
The global slowdown in steel demand in the fourth quarter resulted in declining sales and income figures for the world's largest steel company, ArcelorMittal. The Luxembourg-based steelmaker reported net sales of $22.1 billion in the fourth quarter, 21.1 percent behind the $28.0 billion reported in the fourth quarter of 2007 and 59 percent off the $35.2 billion reported during the third quarter of 2008.
The company reported a quarterly loss of $2.6 billion, which compares to profitable quarters of $3.8 billion in third-quarter 2008 and $2.4 billion in fourth-quarter 2007.
For the year 2008, ArcelorMittal reported net sales of $124.9 billion, well ahead of the $105.2 billion posted during 2007. Net income, however, was $9.4 billion, 9.6 percent behind the $10.4 billion reported the previous year.
"ArcelorMittal's generally excellent performance in 2008 was overshadowed by the considerable slowdown in the world economy in the last quarter of the year" said Lakshmi N. Mittal, chairman and CEO. "Our scale, strength and market leadership, however, allowed us to swiftly and decisively implement a number of operational and financial measures to adapt to the changing environment. These measures have already started to yield results."
The company reduced net debt by $6 billion during the quarter, while improving liquidity from $12.0 billion to $13.4 billion.
"The reduction of net debt is particularly pleasing, enabled by our ability to continue to generate strong free...
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