Steel giant ArcelorMittal on Thursday reported a net loss of $599 million for the second quarter of 2020.
During the corresponding period last year, the company had reported a net loss of $447 million.
Loss during the period under review narrowed down from $1.12 billion in the January-March quarter of 2020.
Sales of the Luxembourg-headquartered company fell 43 per cent to $10.97 billion during April-June, the company said in a statement.
Commenting on the performance, Chairman and CEO Lakshmi N. Mittal said: “The first six months of the year, and particularly the second quarter, have been one of the most difficult periods in the history of the company, with demand for steel considerably disrupted by the Covid-19 pandemic.”
He added that the group responded swiftly to protect its employees, assets, profitability and cash flow, ensuring the company is in as strong a position as possible to weather this very challenging period.
“There are now signs of activity picking up, especially in regions where lockdowns have ended, but clearly it is prudent to remain cautious about the outlook. Against this context, we are examining what structural changes might be required to ensure the company is well configured to prosper in the coming years as demand recovers,” Mittal said.
He said that the remainder of the year will continue to be challenging but the company is well-prepared to increase production and capture the improvement in demand when it comes.
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