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. Read more
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