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Updated: October 28, 2009 12:54 IST

ArcelorMittal turns profit after 3 quarter losses

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In this August 4, 2006 file photo, Lakshmi Mittal, president of the Board of ArcelorMittal, talks during a news conference in London. Photo: AP.
In this August 4, 2006 file photo, Lakshmi Mittal, president of the Board of ArcelorMittal, talks during a news conference in London. Photo: AP.

The world’s largest steel maker ArcelorMittal SA has ended a loss-making streak by turning a $903 million profit in the third quarter.

ArcelorMittal chief executive Lakshmi Mittal, said on Wednesday that the third quarter showed the first signs of recovery in the steel market and he expected further gradual improvement through 2010.

The company has posted losses in the previous three quarters as steel sales plunged.

The July-September profit was down 76 percent from the same period last year when the company made $3.82 billion. Third quarter sales were $16.18 billion, down more than half from $35.19 billion a year ago.

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