The world's biggest steel maker ArcelorMittal yesterday reported a net loss of $1.063 billion (€806 million) in the first quarter, with major write-downs due to the economic crisis.
The figure included $1.2 billion worth of exceptional charges due mainly to write-downs of the value of items in its inventory, the company said in a statement.
Earnings were down sharply from the same quarter in 2008 when it reported a profit of $3.614 billion, but the loss reported yesterday was less heavy than the $2.632 billion fall booked in the fourth quarter of 2008.
ArcelorMittal said it planned to continue cutting production in line with reduced demand and forecast that profits would rebound in the second quarter.
"Strong measures have been taken to reduce our cost considerably and liquidity remains healthy," the company's chairman Lakshmi Mittal said in the statement.
"Although market conditions remain challenging, a technical recovery is inevitable."
The figure included $1.2 billion worth of exceptional charges due mainly to write-downs of the value of items in its inventory, the company said in a statement.
Earnings were down sharply from the same quarter in 2008 when it reported a profit of $3.614 billion, but the loss reported yesterday was less heavy than the $2.632 billion fall booked in the fourth quarter of 2008.
ArcelorMittal said it planned to continue cutting production in line with reduced demand and forecast that profits would rebound in the second quarter.
"Strong measures have been taken to reduce our cost considerably and liquidity remains healthy," the company's chairman Lakshmi Mittal said in the statement.
"Although market conditions remain challenging, a technical recovery is inevitable."