ArcelorMittal Swings to Profit; Output Rises
LUXEMBOURG (
) --
ArcelorMittal
(MT) - Get Report
, the world's No. 1 steelmaker, swung to a first-quarter profit of $679 million as output and shipments increased.
A year earlier, ArcelorMittal had a loss of $1.06 billion.
ArcelorMittal said first-quarter sales rose to $18.65 billion from $15.12 billion.
Steel production in the quarter was 23.1 million tons vs. 15.2 million tons a year earlier. The company shipped 21.5 million in the quarter compared with year-earlier shipments of 16 million tons.
"The economic recovery is continuing in-line with our expectations and 2010 is set to be a stronger year for ArcelorMittal," said Lakshmi Mittal, in a statement Thursday. "The year has started with improved demand in all main markets, which will have a positive impact in the second quarter."
Rival
U.S. Steel
(X) - Get Report
on Tuesday posted a
for its first quarter and said it will return to profitability in the second period.
-- Reported by Joseph Woelfel in New York.
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