ArcelorMittal income narrows in Americas unit

Oct 31, 2012 | 01:53 PM | Michael Cowden

Tags  ArcelorMittal, steel, long steel, flat-rolled steel, iron ore, Michael Cowden

CHICAGO – ArcelorMittal SA’s operations in North America were hit by lower selling prices in the third quarter as global economic uncertainties continued to wallop the company, according to earnings data released Wednesday.

The Luxembourg-based steelmaker’s Flat Carbon Americas division recorded operating income of just $3 million in the three months ended Sept. 30, down 98.4 percent from operating income of $193 million in the year-ago quarter. Sales slipped about 12 percent to roughly $4.84 billion in the same comparison.

The decline came as the division’s operating income per tonne slid to just $1 in the third quarter of 2012, compared with $43 per tonne in the second quarter and $34 per tonne in the third quarter of 2011, according to earnings data.....

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