ArcelorMittal: Loss shrinks in third quarter

AMSTERDAM (AP) — ArcelorMittal SA, the world's largest steelmaker, says its third quarter loss shrank as the company cut costs and the steel market is poised for recovery.

The Luxembourg-based company Thursday posted a net loss of $193 million, compared to a loss of $642 million in the same period a year ago. Revenues fell 0.5 percent to $19.6 billion, due to lower average selling prices. Volumes increased 1 percent to 21.1 million metric tons.

Operating income — earnings before interest and taxes — recovered to $477 million from $55 million, with interest costs from the company's $17-billion debt burden the main reason for the net loss. CEO Lakshmi Mittal says he believes "the bottom of the cycle is behind us" and he sees signs of a further recovery in 2014.

Related Headlines

  • Swiss pharma Novartis ups full-year sales outlook

    Swiss pharmaceutical giant Novartis AG raised its full-year sales outlook because of delays in generic competition to its blockbuster blood pressure drug Diovan, even though ... 

  • Brady W. Dougan

    Credit Suisse profits disappoint in Q3

    Credit Suisse Group posted Thursday an unexpectedly small rise in third-quarter profits due mainly to weak results in its investment banking unit, sending shares down almost ... 

  • Lufthansa profits slide amid restructuring

    German airline Lufthansa says net profit for the first nine months of the year fell 65 percent, to 247 million euros ($340 million) from 697 million euros in the same period ...