Arab Today, arab today arcelormittal posts 37bn loss in 2012
Last Updated : GMT 09:52:25
Arab Today, arab today
Arab Today, arab today

ArcelorMittal posts $3.7bn loss in 2012

Arab Today, arab today

Arab Today, arab today ArcelorMittal posts $3.7bn loss in 2012

Paris - AFP

The world\'s top steel producer ArcelorMittal said Wednesday it had plunged into the red last year with a net loss of $3.72 billion (2.75 billion), largely due to previously announced writedowns and restructuring costs, but that it expected an improvement in 2013. Operating profit measured by earnings before interest, tax and other charges (EBITDA) fell by 30 percent to $7.1 billion, close to analyst expectations. \"2012 was a very difficult year for the steel industry, particularly in Europe where demand for steel fell a further 8.8 percent,\" chief executive Lakshmi Mittal said in a statement. The net loss was due in large part to the $4.3 billion charge the company took to write down the value of its assets in Europe, where steel demand has fallen by nearly a third since the global economic crisis set in. The company also took another $1.3 billion in restructuring charges. ArcelorMittal had posted a net profit of $2.3 billion in 2011. Sales fell by 10.4 percent to $84.2 billion, with shipments of steel down 2.3 percent to 83.8 million tonnes. Iron ore shipments rose by 5.4 percent to 54.4 million tonnes, however, with over half shipped at market prices. The company said it expected steel sales to improve this year, climbing 2-3 percent, with iron ore sales at market prices to rise by 20 percent. ArcelorMittal said this should help it increase operating profit in 2013. \"Although we expect the challenges to continue in 2013, largely due to the fragility of the European economy, we have recently seen some more positive indicators,\" said Mittal. These, along with the steps the company has taken to focus on its most competitive assets and reduce its net debt \"are expected to support an improvement in the profitability of our steel business this year\", he added.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today arcelormittal posts 37bn loss in 2012 Arab Today, arab today arcelormittal posts 37bn loss in 2012

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 12:25 2017 Thursday ,23 February

Bharti Airtel buys Telenor's India operations

GMT 10:47 2017 Thursday ,23 February

Saudi Aramco may offer discounted shares to citizens

GMT 06:25 2017 Thursday ,23 February

Bupa Arabia sponsors SMEA forum

GMT 06:11 2017 Thursday ,23 February

Football: Turkish company wins Qatar World Cup contract

GMT 05:46 2017 Thursday ,23 February

SABIC net profits fall in 2016

GMT 21:01 2017 Wednesday ,22 February

Saudi Aramco mulls offering citizens discounted shares
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday