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ArcelorMittal posts net loss of $1.1 bn in Q1
Updated On: 29 April, 2009 05:23 PM IST | | PTI
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.
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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.
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