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Lakshmi Mittal

ArcelorMittal Swings To Loss

Steel titan ArcelorMittal Friday said it swung to a net loss in the first quarter due to lower steel shipments and prices, but maintained its full-year earnings guidance on expectations that steel and iron ore sales will pick up during the year.ArcelorMittal, the world's largest steelmaker by volume, said net profit attributable to shareholders swung to a net loss of $345 million in the first three months of the year compared with a net profit of $92 million in the same quarter a year before.Sales dropped 13% on the year to $19.75 billion.The company's keenly watched earnings before interest, taxes, depreciation and amortization, or Ebitda, fell 26% on the year to $1.57 billion, as steel shipments dropped 5.7% on the year to 20.95 million metric tons.The Ebitda figure, however, was ahead of analysts' expectations of $1.32 billion based on a company consensus forecast of 22 analysts.The Luxembourg-based steelmaker reiterated its guidance for 2013 Ebitda to rise above $7.1 billion in 201...

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