ArcelorMittal (MT), the world's largest steelmaker by volume and revenue, Tuesday said that slowing global demand for steel led to a wider fourth-quarter loss from a year earlier and lower full-year results.

The company reported a net loss of $1 billion in the three months to Dec. 31. up from a loss of $780 million and a full-year net profit of $2.26 billion, down from $2.92 billion.

A slowdown in steel consumption in Europe and China in the second part 2011 has taken its toll on steelmakers in recent months. Late last year, ArcelorMittal said it would permanently shut two of its European blast furnaces and temporarily idle several others after customers began to pare back orders due to concerns that the euro-zone sovereign debt crisis would affect consumer confidence and economic growth.

Full-year revenue rose 20% to $93.97 billion from $78.03 billion in 2010, while fourth-quarter revenue rose 8.5% to $22.45 billion from $20.7 billion in the same period a year earlier.

Fourth-quarter earnings before interest, taxes, depreciation and amortization fell 7.5% to $1.71 billion from $1.85 billion in the year earlier period. Full-year Ebitda rose 19% to $10.12 billion from $8.53 billion a year earlier, in line with forecasts.

Global steel production rose 6.8% in 2011 but fell 5% in the fourth quarter from the third quarter as steel output from China, the world's largest producer dropped 10% quarter-on-quarter and steel production in the 27 member states of the European Union dropped 1% during the same period, according to the World Steel Association.

Global steel prices fell 7.2% in the fourth quarter compared with the previous quarter, to average $789 a metric ton, according a global composite price produced by U.K-based steel consultancy firm MEPS International Ltd. Europe suffered the worst decline, with the average EU composite steel price dropping 11.2% on the quarter.

-By Francesca Freeman, Dow Jones Newswires; +44 (0)20 7842 9412; francesca.freeman@dowjones.com

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