Arcelor Mittal 2Q results show fall in earnings

AP News
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Posted: Aug 01, 2013 2:26 AM

AMSTERDAM (AP) — ArcellorMittal SA, the world's largest steelmaker, has reported a fall in year over year steel production, shipments and earnings due to continued weak demand and raw material prices. But the Luxembourg-based company says that the worst of a market downturn is behind it now and it expects a stronger second half.

Net loss was $780 million (585 million euros), worsening from a loss of $345 million, and revenues fell from $20.2 billion from $22.5 billion.

Chief executive Lakshmi Mittal said the impact of restructuring at the company's European operations was evident, and cash flows were improving. He said that a major new mine in Canada is largely complete and will ramp up production in the second half.

He forecast operating earnings before special items of $6.5 billion this year.