Arcelor releases annual financial statement for 2002

Arcelor releases annual financial statement for 2002

Arcelor released its 2002 annual results after a board meeting held on February 27, 2003. The group has recorded a gross operating result of almost € 2 billion, despite the adverse economic factors worldwide. This result is mostly owed to the cost reduction progress. The revenue in 2002 amounts to €26.5 billion, with a 3.34% decrease over 2001. Gross operating income amounted to € 1.98 billion or 7.4% of net sales, compared to the €1.38 billion or 5% of net sales in 2001. Operating income shows significant improvement by €780 million or 2.9% of revenues compared to €-200 million in 2001. The group's net income is calculated for 2002 as €-121 millon after deduction of financial interest expenses and taxes, compared to €-339 million recorded in 2001.