ArcelorMittal posts USD 539 mn loss in Jul-Sep

The world's largest steel maker ArcelorMittal on Thursday reported a net loss of USD 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 USD 899 million in the year-ago period. The steelmaker had posted a loss of around USD 400 million in the second quarter of 2019.

Sales of the company declined to USD 16,634 million in the July-September quarter from USD 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."