ArcelorMittal SA, the world’s largest steel maker, on Wednesday posted a fourth quarter profit of $1.07 billion and said it expected demand to strengthen this year.
Steel buyers worldwide were set to increase purchases by 10 per cent this year, said Aditya Mittal, the company’s Chief Financial Officer, as manufacturers in developed and emerging markets used up excess stocks.
ArcelorMittal has been hit hard by the recent steel slump.
The profit in the last three months of 2009 was higher than a third quarter profit figure of $903 million and well above a $2.6 billion loss in 2008’s fourth quarter.
Still, the company made a profit of just $118 million for all of 2009, compared to a $9.4 billion profit a year earlier. He said ArcelorMittal would refocus from paying off debt to investing in its business, seeking growth opportunities in India and Brazil.
It has some $4 billion to spend on new projects this year. — AP
To hike stake in UttamGalva
PTI reports from New Delhi:
ArcelorMittal will hike its stake in UttamGalva to 33.7 per cent following a 4.9 per cent promoter stake transfer by the end of this month.
“We think the promoter stake sale would be completed by the month end. The stake has been sold at the open offer price of Rs. 120 a share,” UttamGalva Finance Director Ankit Miglani said.
