Global steel giant ArcelorMittal on Thursday posted a net loss of $559 million for the second quarter ended June 30, 2020 amid Covid-19 disruption and termed the quarter as the most difficult period in its history.
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 were $11 billion, as compared to $19.3 billion in the corresponding period in 2019, the company said.
The company said that total steel shipments in second quarter of 2020 were 23.7 per cent lower at 14.8 million tonnes (mt) significantly impacted by the adverse effects of Covid-19 pandemic across all regions.
