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ArcelorMittal posts $539 mn Q2 loss
The world's largest steel maker ArcelorMittal on Thursday reported a net loss of $539 million for the July-September quarter of 2019 hit by lower steel shipments and prices, and high material costs.
London/New Delhi: The world's largest steel maker ArcelorMittal on Thursday reported a net loss of $539 million for the July-September quarter of 2019 hit by lower steel shipments and prices, and high material costs.
The company had posted a net income (attributable to equity holders of the parent) of $899 million in the year-ago period.
The steelmaker had posted a loss of around $400 million in the second quarter of 2019.
Sales of the company declined to $16,634 million in the July-September quarter from $18,522 million in the year-ago period.
Commenting on the result, ArcelorMittal Chairman and CEO Lakshmi N Mittal in a statement said that "as anticipated, we continued to face tough market conditions in the third quarter, characterised by low steel prices coupled with high raw material costs."