LUXEMBOURG (AP) — ArcelorMittal, the world's largest steelmaker, has reported a 37 percent drop in net profit from the same period a year ago as Europe's financial crisis weighed on demand.
The company announced Wednesday net income of $959 million, down from $1.535 billion for the second quarter of 2011.
Lakshmi Mittal, the company's chairman and CEO, says "Market conditions have been very challenging, indeed more challenging than we had expected due to a combination of factors, not least the still unresolved crisis in the eurozone."
However, the company's profit was up sharply from the $11 million posted in the first quarter of this year.
Mittal says the company has done well considering the crisis in the countries that use the euro currency.