Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Gambia's Yahya Jammeh concedes defeat in presidential polls

Read more

MEDIAWATCH

Gambians herald 'new independence' after Jammeh defeat

Read more

FRANCE IN FOCUS

FRANCE 24 turns 10: A look behind the scenes

Read more

THE WORLD THIS WEEK

Hollande, the One Term President (part 1)

Read more

THE WORLD THIS WEEK

Trump Keeps 'Em Guessing, Italian Referendum, Austrian Election, Castro's Death (part 2)

Read more

FOCUS

Video: Far-right at the gates of power in Austria

Read more

FASHION

Discovering the winter 2016/2017 men's fashion collections in Paris

Read more

ENCORE!

Rendez-vous on '42nd Street' as the meta musical comes to Paris

Read more

REPORTERS

Uzbekistan reinforces its tight grip on election and country

Read more

Business

Fewer profits could mean more job cuts at ArcelorMittal

Latest update : 2009-02-11

Steel giant ArcelorMittal posted a net loss of 2.6 billion dollars for the last quarter of 2008 and a nine percent drop in profits last year. The group extended its voluntary departure plan, which could lead to more than the expected 9,000 jobs cut.

AFP - 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 dollars (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 dollars owing to an exceptional charge of 3.1 billion dollars in contrast to a profit of 2.4 billion dollars in the equivalent period of 2007.
  
The group, by far the biggest steel maker in the world, said that it would continue to reduce production in the first quarter of this year because of the effects of the economic crisis on demand for steel.
  
But the group said that for 2008 it had achieved its target for earnings before interest, tax, depreciation and amortisation of 24.5 billion dollars, showing a gain on the 2007 figure of 26 percent.
  
Sales rose by 19 percent to 124.9 billion dollars because market conditions at the beginning of the year had been strong.

Date created : 2009-02-11

COMMENT(S)