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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: ArcelorMittal loss hits shares AFP - Thursday, July 30 PARIS (AFP) - - The world's biggest steel maker ArcelorMittal on Wednesday reported a second-quarter net loss of 792 million dollars (581 million euros) but forecast an improvement in the market later this year. ADVERTISEMENT The group said it expected a "gradual upturn," notably as China continued to import steel. Chief executive Lakshmi Mittal said in a statement that "in recent weeks, we have begun to see the first signs of a pick-up." But he cautioned that a return to production levels prevailing before the onset of the global financial crisis was not likely "before 2011." The net loss disclosed Wednesday, the company's third straight negative quarter, was more than double analysts' forecasts for 375 million dollars and compared with a net profit of 5.84 billion dollars 12 months earlier. The shortfall appeared to discourage investors. ArcelorMittal shares at mid-day were showing a loss of 4.24 percent to 24.25 euros on an overall Paris market that was 1.34 percent stronger. So far this year, the shares have gained 43 percent while the Paris market's CAC 40 index has risen by slightly less than 5.0 percent. The three months to June outcome marked the third quarter running in the red for the steel giant which lost 1.1 billion euros in the three months to March and 2.6 billion dollars in the three months to December. Second-quarter sales slumped by more than half from a year earlier to 15.18 billion dollars, reflecting a collapse in demand in its two key markets, the auto and construction industries. On the operating level, ArcelorMittal reported a profit of 1.22 billion dollars and said it expected this to rise to between 1.4 and 1.8 billion dollars in the third quarter to September. At Societe Generale, analysts said the results were disappointing. Analysts at Aurel brokerage said the company's guidance pointed to earnings before interest, tax, depreciation and amortisation (EBITDA) for the first nine months of the year of 3.4-3.9 billion dollars, noting that this was "a very long way" from the 6.2 billion dollars the house had previously expected for the whole of 2009. The world's second-biggest steel maker, Nippon Steel, also reported a quarterly loss on Wednesday of 42.25 billion yen (325 million euros). With plants operating at about half capacity since the end of 2008, some ArcelorMittal production had been restarted, in France, Belgium, Spain and the United States. Finance director Aditya Mittal said more furnaces could be brought back into production during the current quarter but did not provide further details. In emerging markets such as Brazil, steel mills were working almost at full capacity. He said that inventories of steel had fallen to very low levels on the main markets and that China, the biggest user of steel, was continuing to import while US demand was recovering and de-stocking was coming to an end in Europe. Unless there was a fresh deterioration in the economy, "we ought to see a gradual improvement in the second half (of the year) but a complete recovery will be slow," Aditya Mittal said. At the end of June, the group, which has launched a vast plan for people to leave the company on a voluntary basis, had 296,000 employees, down from 322,000 12 months earlier. The programme would be pursued to cut costs further, Aditya Mittal said in a telephone conference. Costs had already been reduced by 1.7 billion dollars since the beginning of this year. At the end of June, the group's net debt stood at 22.9 billion dollars. The company, which has raised more than 11 billion dollars in funding so far this year to reduce debt, is now close to its debt target of 22.5 billion euros by the end of 2009. ArcelorMittal has available funds of 22.7 billion dollars. Aditya Mittal said that no big operation affecting the balance sheet was to be expected in the foreseeable future. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business China to cut fuel price by 3%: govtAFP - Wednesday, July 29 Canon's profits plunge in first-halfAFP - Wednesday, July 29 Putnam cuts fund fees, restructures pricingAP - Wednesday, July 29 IBM to acquire SPSS for $1.2BAP - Wednesday, July 29 China to ban violent online gamesAP - Wednesday, July 29 Enlarge Photo ArcelorMittal loss hits shares Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Doctor gave Jackson drug that killed him: CNN Ex-boxing champ Forrest shot in back and killed Police raid Vegas home of Jackson doctor Lost love letter reunites couple after 16 years Rare Angolan antelope tracked by research team View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). 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