ArcelorMittal reports net loss of $0.8 billion in Q4 2010
08 Feb 2011
ArcelorMittal, the world's largest steel company, has reported a fourth quarter 2010 net loss of $0.8 billion (or $0.51 loss per share), primarily due to impairment associated with the stainless steel demerger. (See: ArcelorMittal spins off stainless steel business)
For the full-year, however, ArcelorMittal's net income stood at $2.9 billion or $1.93 per share.
Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at $1.9 billion (including $0.1 billion from sale of CO2 credits).
For the full year, ArcelorMittal reported EBITDA of $8.5 billion (excluding $0.4 billion for Aperam), 52 per cent higher than in 2009.
Fourth quarter shipments were up 3 per cent from the previous quarter, at 21.1 million tonnes, while full year shipments rose 22 per cent to 85 million tonnes compared to last year.
ArcelorMittal said strong cash flow from continuing operations of $3.3 billion in 4Q 2010 ($3.8 billion in 2010) has helped the company reduce its net debt by $2.3 billion to $19.7 billion as of 31 December 2010, compared to $22.1 billion as of 30 September 2010.
