ArcelorMittal, the world's largest integrated metals and mining company, has released its results for the first quarter of 2009.
According to the report, in the first quarter of 2009 ArcelorMittal registered a net loss of $1.06 billion compared to net income of $2.37 billion in the fist quarter of 2008 and net income of $2.63 billion in the fourth quarter of 2008. Also, the company's total sales declined to $15.122 billion in the first quarter of 2009, while 2008 first quarter sales stood at $29.809 billion and 2008 fourth quarter sales at $22.089 billion.
Commenting on the report, ArcelorMittal chairman and CEO Lakshmi N. Mittal said, "Strong measures have been taken to reduce our costs considerably and liquidity remains healthy with an extended debt maturity profile. Although market conditions remain challenging, a technical recovery is inevitable and ArcelorMittal will benefit from this."