ArcelorMittal iron ore production increases 10.5% to 54.1 Mt in 2011

Metal Recycling News  |  2012-02-07 06:17:39   |   By

ArcelorMittal (Euronext: MT, NYSE: MT, BMAD: MTS ), the world's largest steel maker, has said its iron ore production increased by 10.5% to 54.1 Mt in 2011.

LUXEMBOURG (Scrap Monster): ArcelorMittal (Euronext: MT, NYSE: MT, BMAD: MTS), the world's largest steel maker, has said its iron ore production increased by 10.5% to 54.1 Mt in 2011.

Luxembourg-based ArcelorMittal expects in 2012 overall steel shipment volumes to be at a similar level as in the first half of previous year.

Company's mining production volumes in the first half this year are expected to be higher than in the first half of 2011 in line with its plans to increase its own iron ore and coal production in the financial year 2012 by 10%.

ArcelorMittal's sales advanced by 20.4% to $93.97 billion in 2011 as compared to the previous year while its fourth quarter sales increased by 8.4% year-on-year to $22.4 billion.

ArcelorMittal's net profit declined by 22.4% year on year to $2.26 billion in 2011 and net loss of $1 billion compared to a loss of $780 million in the same quarter of 2010.