ArcelorMittal reported losses, while ThyssenKrupp posted a small profit

The world’s largest steelmaker, ArcelorMittal, reported a loss of $955 million for the fourth quarter on Friday (February 13th). The company’s large mining operations were affected by the sudden drop in the price of iron ore. Also, the investment of 621 million dollars that the manufacturer, based in Luxembourg, made in a business in China contributed to this loss.

ThyssenKrupp is a largest German steelmaker

Also on Friday, ThyssenKrupp reported a modest profit of 43 million euros. For the last quarter, in contrast to a loss of €70 million a year earlier. The Essen-based company has benefited from the withdrawal of steel operations from the United States and the downsizing of its European facilities, while it has invested in production assets such as elevators and auto components that are less vulnerable to material price fluctuations. prime.

„The economic environment remains uncertain and the geopolitical risks high. This is why we will continue to focus on the things we can influence. „, said Heinrich Hiesinger, chief executive of ThyssenKrupp.

Guido Kerkhoff, the financial director of the company, said that, despite the negative feeling related to the European economy, an increase in demand is expected. For products such as automotive components. The euro has fallen by 20% against the dollar since last spring. It made German exports cheaper abroad. What supported its industrial activities in Germany and other European countries.

Lakshmi Mittal N chief executive of ArcelorMittal

„Although operating conditions remain difficult, we expect the steel markets to continue to improve.” Said Lakshmi Mittal N chief executive of ArcelorMittal.

Despite Mr. Mittal’s cautious optimism, the company’s forecast for its adjusted earnings before interest and taxes will be between $6.5 billion and $7 billion this year, compared with $7.2 billion for 2014.

A major player before the onset of the 2008 financial crisis, ArcelorMittal continues to fight to regain its position.

ArcelorMittal reported a loss of $1 billion for 2014, after a loss of $2.5 billion in 2013.

Article source: http://www.nytimes.com/2015/02/14/business/arcelormittal-earnings-q4.html?_r=0

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