ArcelorMittal loss widens on weak Europe economies

MADRID (MarketWatch) -- ArcelorMittal on Tuesday said losses widened in the fourth quarter as growing uncertainty over Europe's economy hit sentiment and affected the group's performance. It reported a fourth-quarter net loss of $1 billion against a loss of $780 million in the year-ago period. The company took a full-year non-cash charge of $1.3 billion, along with asset impairments of $200 million and restructuring charges of $200 million. Sales totaled $22.45 billion, against $20.70 billion in the year-ago period. Fourth-quarter steel shipments were down 2.5% against the third quarter, mainly due to destocking in Europe. "Looking ahead to 2012, the situation in Europe remains a live concern. Despite the continued uncertainty in this market, however, we are seeing an improvement in sentiment compared with the fourth quarter," said Lakshmi N. Mittal, chairman and chief executive officer. "Steel shipment volumes for the first six months are expected to be similar to the first half of 2011 and we are again targeting increased production from our mining business." The group sees first-half 2012 adjusted earnings lower than the comparable period of 2011, but above the second-half 2011 level. Overall steel shipment volumes in the first half of 2012 are seen similar to levels in the first half of 2011.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Weiter zum vollständigen Artikel bei "Market Watch"