Steel mill swings to modest Q1 profit
Source: Agencies |
April 30, 2010, Friday
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Print Edition
Print Edition
ARCELORMITTAL SA, the world's largest steel maker, said yesterday it swung to a relatively modest profit of US$679 million in the first quarter compared to a loss a year earlier, and predicted that the recovery will pick up throughout 2010.
The company said it raised output to meet improving demand, particularly in China and developing countries. ArcelorMittal was hit hard by the recession-related slump in demand for steel used in buildings, bridges, cars and machinery, and cut production and jobs last year.
"The year has started with improved demand in all main markets, which will have a positive impact in the second quarter," CEO Lakshmi Mittal said in a statement.
The quarter's profit compared with a loss of US$1.06 billion in the first quarter of 2009, but was below the US$1.07 billion profit in the fourth quarter of last year and the US$903 million in the third quarter.
Cold winters in Kazakhstan and Ukraine saw output lower than hoped in the operations there, Chief Financial Officer Aditya Mittal said.
Sales in the first quarter grew 23 percent to US$18.6 billion from US$15.1 billion as customers used up their stocks and demand in the automotive industry rose, said Aditya Mittal.
He said shipments rose 35 percent from the first quarter a year ago to 21.5 million tons.
The Luxembourg-based company said earnings before interest, tax, depreciation and amortization were US$1.89 billion in the first quarter.
It forecast those profits to increase to between US$2.8 billion and US$3.2 billion in the second quarter.
The company said it raised output to meet improving demand, particularly in China and developing countries. ArcelorMittal was hit hard by the recession-related slump in demand for steel used in buildings, bridges, cars and machinery, and cut production and jobs last year.
"The year has started with improved demand in all main markets, which will have a positive impact in the second quarter," CEO Lakshmi Mittal said in a statement.
The quarter's profit compared with a loss of US$1.06 billion in the first quarter of 2009, but was below the US$1.07 billion profit in the fourth quarter of last year and the US$903 million in the third quarter.
Cold winters in Kazakhstan and Ukraine saw output lower than hoped in the operations there, Chief Financial Officer Aditya Mittal said.
Sales in the first quarter grew 23 percent to US$18.6 billion from US$15.1 billion as customers used up their stocks and demand in the automotive industry rose, said Aditya Mittal.
He said shipments rose 35 percent from the first quarter a year ago to 21.5 million tons.
The Luxembourg-based company said earnings before interest, tax, depreciation and amortization were US$1.89 billion in the first quarter.
It forecast those profits to increase to between US$2.8 billion and US$3.2 billion in the second quarter.
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