Arcelor Mittal (MT) Profitable Again But Sales Fall
February 10, 2010 3:25 AM
Arcelor Mittal (NYSE: MT), the world's biggest steelmaker, reported early Wednesday that the company had swung to a 4th quarter profit.
Arcelor Mittal reported earnings of $1.07 billion, or 71 cents per share, compared with a net loss of $2.63 billion, or $1.93 per share, for the same quarter a year earlier.
The steelmaker reported sales falling from $22.09 billion a year earlier to $18.64 billion in the latest 4th quarter.
FactSet Research conducted a survey of analysts that came up with a consensus forecast of net income at 32 cents per share on sales of $18.65 billion.
Arcelor Mittal estimated earnings before interest, taxes, depreciation and amortization of $1.8 billion to $2.2 billion for the 1st quarter.
"Although 2010 will continue to be challenging, we are now increasing capital expenditure to take advantage of selected growth opportunities as demand improves," said Chairman and Chief Executive Lakshmi Mittal.
