Wednesday, September 30, 2009

Lakshmi Mittal takes the pedal off the metal

Lakshmi Mittal, CEO of ArcelorMittal, the world's biggest steelmaker.
LONDON, UK -- "ArcelorMittal, which didn't exist a decade ago, now accounts for 10% of global steel production. That pedal-to-the-metal growth strategy worked until a year ago when the world's economy took a dive. The company, based in Luxembourg, posted three consecutive quarterly losses, the latest at $792 million, and some analysts expect it to post another loss in the current quarter. Still Mr. Mittal says it would have been far worse if the steelmaker didn't shut mills, slash production about 35% and lay off thousands of workers,"

-- Robert Guy Matthews, Wall Street Journal.

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