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UPDATE: ArcelorMittal Q1 Net Income Declines 99%

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ArcelorMittal (NYSE: MT) reported a 99% drop in its first-quarter net income.

ArcelorMittal's quarterly earnings fell to $11 million, or $0.01 per share, from $1.07 billion, or $0.69 per share, in the year-ago quarter.

Its sales rose to $22.7 billion from $22.18 billion. However, steel shipments gained 1.2% to 22.2 million metric tons.

ArcelorMittal shares closed at $16.11 yesterday.

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