This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-12392899

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Arcelor Mittal sees steel recovery in 2011 Arcelor Mittal sees steel recovery in 2011
(about 7 hours later)
Arcelor Mittal has predicted that 2011 will be a better year for steelmakers than 2010, despite posting a loss in the most recent quarter.Arcelor Mittal has predicted that 2011 will be a better year for steelmakers than 2010, despite posting a loss in the most recent quarter.
The world's largest steelmaker made a net loss of $780m (£484m) in the last three months of 2010, compared with a $1.35bn profit a year earlier.The world's largest steelmaker made a net loss of $780m (£484m) in the last three months of 2010, compared with a $1.35bn profit a year earlier.
Increasing prices for key raw materials such as iron ore and coking coal have hurt the company's bottom line.Increasing prices for key raw materials such as iron ore and coking coal have hurt the company's bottom line.
But it said steel prices were adjusting to the rises in raw material prices.But it said steel prices were adjusting to the rises in raw material prices.
It also said production volumes were expected to increase in the first quarter of 2011 as "the gradual underlying demand recovery continues and market sentiment improves".It also said production volumes were expected to increase in the first quarter of 2011 as "the gradual underlying demand recovery continues and market sentiment improves".
Shares in the steel giant rose 3.7% in Paris trading. Shares in the steel giant closed up 2.8% in Paris.
Upbeat outlookUpbeat outlook
The company's fourth-quarter results were also hit by $598m in charges relating to the spin-off of its stainless steel unit Aperam last month.The company's fourth-quarter results were also hit by $598m in charges relating to the spin-off of its stainless steel unit Aperam last month.
But sales rose to $20.7bn from $17.43bn in the same period a year ago.But sales rose to $20.7bn from $17.43bn in the same period a year ago.
For the whole of 2010, net profit increased to $2.92bn, from $157m in 2009.For the whole of 2010, net profit increased to $2.92bn, from $157m in 2009.
Looking ahead, the company said it expected capacity utilisation to rise to 76% in the current quarter, from 69% in the previous one.Looking ahead, the company said it expected capacity utilisation to rise to 76% in the current quarter, from 69% in the previous one.
It is also targeting a 10% increase in iron ore production this year.It is also targeting a 10% increase in iron ore production this year.