ArcelorMittal report loss in second quarter

ArcelorMittal, the world's largest steelmaker announced 792 million USD losses in the second quarter. Lakshmi Mittal, chief executive of ArcelorMittal said that the company will have improved result in third quarter, especially from BRICs market. There were sustained signs of recovery in India, Russia, Eastern Europe and Brazil amid new construction and China's economic-stimulus measures. However, situation of U.S. and Western Europe may not improve early than the end of last year. In North America, at present, just three out of the company's nine blast furnaces are operating or planning to operate and in Europe, 15 of the company's 25 blast furnaces are expected to be online during the third quarter.