Global steel giant ArcelorMittal today reported a net income of $1.07 billion for the three- month period ended December 31, 2009, on the back of improvement in demand and several cost cutting measures. In the year-ago period, the firm had a net loss of $2.63 billion, ArcelorMittal said in a statement. Looking ahead, ArcelorMittal expects the year 2010 to continue to be a challenging year. The company's sales declined to $18.64 billion in the October-December quarter of 2009 from $22.08 billion in the same quarter last fiscal. The steel behemoth's sales stood at $16.2 billion in the third quarter of 2009. "Sales were higher during the fourth quarter of 2009 as compared to the third quarter of 2009, primarily due to higher volumes and average steel selling prices. "Despite the improvement in demand during the fourth quarter of 2009, sales remain substantially lower year-on-year due to the global economic crisis," the company said.