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ArcelorMittal’s profits melt as commodities prices fall

Posted on 06 November 2008

From Independent: The world’s biggest steel maker, ArcelorMittal, shocked the market yesterday when it doubled production cuts and said earnings will drop. The increasingly bleak outlook for manufacturing across the globe as the world’s economy veers into recession has taken its toll on demand from Mittal’s clients including builders and car makers.

The Luxembourg-based company’s earnings were also short of analyst estimates, and Arcelor warned that profit may almost halve to $2.5bn (£1.5bn) in the fourth quarter…. Full Article: Source


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