ArcelorMittal, the Luxembourg steel maker, reported on Thursday that first-quarter net income fell 99% on 2.3% higher revenue
The company earned $11 million, or 1 cent a share, compared with $1.07 billion, or 69 cents, in the year-earlier quarter
Sales reached $22.7 billion from $22.18 billion
Steel shipments rose 1.2% to 22.2 million metric tons
"Europe remains the biggest challenge and during the first quarter we announced the extended idling of a number of facilities in line with our strategy of meeting demand from our more competitive sites," the company said in a statement
The mining business was hurt by seasonal factors in the quarter but remains "a key area for growth," the company said
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