Millennium Post

ArcelorMittal posts $345-mn loss in Jan-Mar

ArcelorMittal, the world's largest steel maker, on Friday reported a net loss of $345 million for the first quarter ended March of 2013, but said its restructuring efforts have begun  to yield results.

The company had reported a net profit of $92 million in the corresponding quarter of 2012 as it had benefited from a tax windfall of $176 million.

Besides, its core profits or EBITDA (earnings before interest, taxes, depreciation and amortisation) also declined by 26.11 per cent to $1.565 billion during the quarter, while the sales were down 13 per cent at $19.752 billion.

'Economic conditions remain challenging but our performance in the quarter reflects the results of the management action we have taken to confront the effects of the financial crisis.

'We have significantly reduced our net debt and the steps we have taken to focus production on our more competitive assets are beginning to yield results,' ArcelorMittal CEO Lakshmi Mittal said.

The company said that it managed to reduce its net debt by $3.8 billion to $18 billion as on 31 March.
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