ArcelorMittal, the world's
largest steel producer reported a US$728 million first quarter loss compared
with a loss of US$205 million in the same period of time last year.
The steel giant contributed the loss to the low iron ore price and its poor
performance in the US steel sector.
ArcelorMittal said the other reasons are negative impact of foreign exchange
rates and the weak performance of its mining division.
The production output for Iron ore advanced by 5.4% to 15.6 million tons. On
the other hand, the shipments for quarterly steel increased slightly to 21.6
million tons from 21 million tons, while crude steel output was up to 23.7
million tons from 23 million tons.
yieh.com