ArcelorMittal hit by falling demand for steel
ArcelorMittal, the world's biggest steelmaker, said it expects an earnings recovery in 2013 after posting a lowest quarterly profit in three years as the European debt crisis eroded demand for the metal.
Earnings before interest, taxes, depreciation and amortisation fell to $1.32 billion in the fourth quarter from $1.71 billion a year earlier, ArcelorMittal said yesterday in a statement ahead of expectations.
"Although we expect the challenges to continue in 2013, largely due to the fragility of the European economy, we have recently seen some more positive indicators," Lakshmi Mittal, chief executive officer of the Luxembourg-based company, said in the statement.
Steel-industry earnings have slumped as Europe's economic crisis saps demand and slower Chinese growth weighs on commodity prices. - Bloomberg