ArceclorMittal reports return to profit

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ArcelorMittal, the world's largest steel maker, on Thursday reported a better than expected first quarter profit of 679 million dollars (515 million euros).

The company suffered a loss in the first quarter of 2009 at the height of the global finance crisis.

The first quarter 2010 earnings performance eclipsed a profit forecast of 479 million dollars from analysts questioned by Dow Jones Newswires.

Sales in the first three months of the year jumped 23 percent to 18.65 billion dollars while operating earnings came to 1.88 billion dollars.

The group foresees an operating profit of between 2.8 and 3.2 billion dollars in the second quarter.

© 2010 AFP

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