Falling steel prices hit ArcelorMittal bottom line

File: The net profit of $414-million was roughly a third of what the Luxembourg-based firm earned in the first three months of last year.PARIS - ArcelorMittal, the world's largest steel firm, said its net profits plunged in the first quarter of the year due to a slide in prices, with competition from Chinese firms still weighing on the market.

"Our first quarter results reflect the challenging operating environment the industry has faced in recent months," chief executive Lakshmi Mittal was quoted as saying in the company's earnings statement. ArcelorMittal raised its forecast for global steel demand growth this year, to 1 to 1.5 percent from 0.5 to 1.0 percent.

Angithi they are stingy

Serves them right, they don't wanna employ us😂😂😂😂

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