AMSTERDAM – ArcelorMittal SA, the world’s largest steelmaker, says its third quarter loss shrank as the company cut costs and the steel market is poised for recovery.
The Luxembourg-based company Thursday posted a net loss of $193 million, compared to a loss of $642 million in the same period a year ago. Revenues fell 0.5 per cent to $19.6 billion, due to lower average selling prices. Volumes increased 1 per cent to 21.1 million metric tons.
Operating income — earnings before interest and taxes — recovered to $477 million from $55 million, with interest costs from the company’s $17-billion debt burden the main reason for the net loss.
CEO Lakshmi Mittal says he believes “the bottom of the cycle is behind us” and he sees signs of a further recovery in 2014.