Cost-cutting helps ArcelorMittal shrink losses in Q3

ArcelorMittal SA, the world's largest steelmaker, has said its third quarter loss shrank as the company cut costs and the steel market is poised for recovery.

The Luxembourg-based company on Thursday posted a net loss of $193 million, compared to a loss of $642 million in the same period a year ago. Revenues fell 0.5 per cent to $19.6 billion, due to lower average selling prices. Volumes increased 1 per cent to 21.1 million metric tons.

CEO Lakshmi Mittal said he believes "the bottom of the cycle is behind us" and he sees signs of a further recovery in 2014.

Operating income - earnings before interest and taxes - recovered to $477 million from $55 million, with interest costs from the company's $17-billion debt burden the main reason for the net loss.