ArcelorMittal annual net income down 9 percent

February 11th, 2009 - 3:01 pm ICT by IANS  

Luxembourg, Feb 11 (IANS) Leading steel manufacturer ArcelorMittal Wednesday reported net income of $9.4 billion for the 12 months ended Dec 31, down 9 percent from that earned during the previous fiscal.For the quarter ended Dec 31, the company posted net loss of $2.6 billion on account of $3.1 billion exceptional charges post-tax ($4.4 billion pre-tax).

It said sales and operating income for the year ended Dec 31, 2008 were $124.9 billion and $12.2 billion, respectively, as compared with the $105.2 billion and $14.8 billion, respectively, posted in the previous year.

ArcelorMittal said sales were higher primarily due to higher average steel selling prices - tempered by a sharp decrease in the fourth quarter.

It also reported considerable decline in shipments, which stood at 17.1 million tonnes for the last quarter, down 33 percent from that made in the previous quarter.

“ArcelorMittal’s generally excellent performance in 2008 was overshadowed by the considerable slowdown in the world economy in the last quarter of the year,” said company chairman and chief executive Lakshmi N. Mittal while commenting on the results.

“Our scale, strength and market leadership, however, allowed us to swiftly and decisively implement a number of operational and financial measures to adapt to the changing environment. These measures have already started to yield results,” he said in a statement.

“Whilst the operating climate is likely to remain challenging for the first quarter, we are starting to see some signs of improvement.”

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