Falling steel prices hit Arcelor Mittal
Arcelor Mittal, the world's largest steel firm, said Thursday its net profits plunged in the first quarter of the year due to a slide in prices, with competition from Chinese firms still weighing on the market. The net profit of $414 million (370 million euros) was roughly a third of what the Luxembourg-based firm earned in the first three months of last year. However the firm maintained sales stable at $19.2 billion thanks to higher deliveries and an increase in iron ore prices.
Tags : ALLIED