The world's largest steelmaker Luxembourg-based ArcelorMittal has announced its financial results for the fourth quarter and the full year of 2011, posting a net loss for the fourth quarter.
In the fourth quarter, ArcelorMittal registered a net loss of $1 billion compared to a loss of $780 million in the same quarter of 2010. For the full year of 2011, ArcelorMittal's net profit declined by 22.4 percent year on year to $2.26 billion.
In the fourth quarter, ArcelorMittal's sales increased to $22.4 billion, up 8.4 percent year on year. In 2011, its sales increased by 20.4 percent to $93.97 billion compared to the previous year.
ArcelorMittal's crude steel production increased slightly to 21.7 million mt in the fourth quarter, compared to 21.6 million mt in the same quarter of 2010, while its iron ore production increased by 19.8 percent year on year. In the full year of 2011, ArcelorMittal's crude steel production increased by 1.4 percent to 91.9 million mt, while its iron ore production increased by 10.6 percent, both year on year.
According to the company statement, for the first half of 2012 ArcelorMittal expects overall steel shipment volumes to be at a similar level as in the first half of 2011. ArcelorMittal's mining production volumes in the first half this year are expected to be higher than in the first half of the previous year in line with its plans to increase its own iron ore and coal production in the financial year 2012 by approximately 10 percent.