Heard on the Street

ArcelorMittal Can't Shake the European Blues

Feb. 6, 2013 12:00 p.m. ET

For Europe, read ArcelorMittal. The world's largest steel producer by output had a terrible 2012, making a $3.7 billion net loss. But like the euro zone, Arcelor survived, while its deleveraging and restructuring should give investors confidence it can avoid a full-blown debt crisis.

As for actual growth and rising profits—well, that's another story.

Arcelor has become more conservative. The company, 41%-owned by the Mittal...

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