ArcelorMittal reports Q4 loss of $9.4 bn,job cuts

ArcelorMittal steel reported a huge loss in the last quarter of 2008,and announced on Wednesday that job cuts could exceed a planned total of 9,000.

Written by Agence France Presse | Luxembourg | Published: February 12, 2009 12:24:05 am

ArcelorMittal steel reported a huge loss in the last quarter of 2008,and announced on Wednesday that job cuts could exceed a planned total of 9,000. The group reported a nine-percent net profit fall for the year to $9.4 billion (6.4 billion euros).

The group said that it would continue to cut production in the first quarter of this year in response to the global economic crisis,and that job cuts could exceed 9,000,the figure signalled under a previous plan.

This was because the company was extending a voluntary departure scheme to production workers,finance director Aditya Mittal said.

For the last quarter of last year,the group reported a net loss of $2.6 billion owing to an exceptional charge of $3.1 billion in contrast to a profit of $2.4 billion in the equivalent period of 2007.

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