ArcelorMittal second quarter revenues halve

BRUSSELS: The world's largest steel maker ArcelorMittal says its second quarter sales fell by nearly half from a year ago as the global recession drives down demand for steel.

The company also is reporting its second quarterly loss in a row. Arcelor Mittal lost $1.06 billion in the three months ending March 31, compared to a $2.37 billion profit a year ago.

Its Wednesday earnings reporte showed revenues of $15.12 billion, down by nearly half from $29.8 billion in the second quarter of 2008.

ArcelorMittal warned it would likely hike prices this year and continue to freeze production while demand is low from construction, car makers and other major steel users.