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.
Previous version
1
Next version
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 closed up 2.8% in Paris. | |
Upbeat outlook | Upbeat 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. |
Previous version
1
Next version