Arcelor posts 20 percent decline in net profit

Luxembourg-based steelmaker Arcelor disclosed that its net profit amounted to Euro 761 million ($968 million) in the first quarter, down 20 percent year on year as steel prices fell and the cost of oil rose. Arcelor said it expects selling prices to pick up in the second quarter as demand for steel is now strong and rising. Separately, Arcelor said it would hold an extraordinary shareholders' meeting in Luxembourg on May 19 to discuss the company's plans to buy back Euro 5 billion ($6.5 billion) in shares.