BRUSSELS, Belgium – ArcelorMittal, which has steel plants in East Chicago and Burns Harbor, has announced that the cost of spinning off its stainless steel unit and higher raw material costs were responsible for a fourth quarter loss of $780 million, compared to a profit of $1.1 billion the previous year.
However, the company said it expects 2011 to be better than 2010. Sales were $20.7 billion in the quarter, up from $17.43 billion the previous year.
Chief Financial Officer Aditya Mittal said, “Overall we expect 2011 to be better than 2010.” Net profit for 2010 was $2.92 billion, up from $157 million in 2009. Sales were $78.03 billion, up from $61.02 billion.
