Top steel company ArcelorMittal, based in Luxembourg, announced Wednesday the first profit of US$903M for Q-3 after 9 losing months. Due to combined initiatives including selected growth projects in Key emerging markets, adjusted financial policy and strategic investment, the giant steel maker gained a net income of US$903M, with shipments of 18.2 million tons, up 7% from Q-2, the company said in a statement. “We have seen the first signs of recovery in the third quarter … and we expect fourth quarter crude steel capacity utilization to be approximately 70%,” Lakshmi Mittal, chairman and CEO of the company said in the statement. The new income is less than 1/4 of the income of Y 2008’s Q-3 at US$3.821B, and the whole loss for the first nine months of this year has reached US$952M. As worldwide market of automotive and construction were heavily hit by the financial crisis, the operating environment of the steel maker remains challenging. In 2008, Arcelor Mittal’s crude steel production of 103.3 million tons, representing about 10% of world steel output. The giant Company, formed in 2006 by the merger of Arcelor and Mittal Steel, has become the largest steel maker in the world, with operations concerning automotive, construction, household appliances and packaging in over 60 countries.
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