Steel behemoth ArcelorMittal on Wednesday reported a $1.1 billion loss in the first quarter ended March 2009, primarily on account of "exceptional charges related to writedowns of inventories" amidst a slump in demand for the commodity on account of global industrial downturn.

The company had net income of $2.4 billion for the three months ended March 31, 2008. "The loss in the first quarter of 2009 resulted from exceptional charges amounting to $1.2 billion primarily related to writedowns of inventory," the world's largest steel maker said in a statement.