ArcelorMittal suffers a loss

City A.M. Reporter
ARCELORMITTAL, the world’s largest steelmaker, forecast improving demand and earnings this year, after a wretched 2012 in which sliding European consumption and a Chinese slowdown drove it to a deep net loss.

The group posted a net loss of $3.73bn (£2.38bn) for the year, mostly due to a massive writedown on its European business.

ArcelorMittal said global steel consumption would grow by three per cent in 2013 after a two per cent increase last year, while Europe would start to level out.