ArcelorMittal reports $559 mn loss in June quarter; sales down to $11 bn

Total steel shipments in the second quarter of 2020 declined 23.7 per cent to 14.8 million tonne (MT), significantly impacted by the adverse effects of Covid-19 pandemic across all regions

Global steel giant ArcelorMittal on Thursday posted a net loss of $559 million for the second quarter ended June 30, and termed it as the most difficult period in its history amid Covid-19 pandemic.

The world's largest steelmaker had clocked a net loss of $447 million in the year-ago quarter, the company said in a statement.

The Luxembourg-headquartered integrated steel and mining company follows January-December fiscal year.

Sales in April-June quarter stood at $11.0 billion, as compared to $19.3 billion in the corresponding period of 2019, it said.

Total steel shipments in the second quarter of 2020 declined 23.7 per