7/30/2020, 7:04 AM (Source: TeleTrader)
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ArcelorMittal posts operating loss of $253M in Q2

ArcelorMittal posted an operating loss of $253 million in the second quarter of 2020, the company announced on Thursday.

Net loss was $559 million and basic loss per share was $0.50 which comes after loss per share of $0.44 in the second quarter of 2019. Sales fell 43% year-on-year to $11 billion, while EBITDA stood at $707 million. In the first year’s half, operating loss was 606 million while sales fell by 33% to $25.8 billion.

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. As a group we responded swiftly to protect our people, assets, profitability and cashflow, ensuring the Company is in as strong a position as possible to weather this very challenging period."

Baha Breaking the News (BBN) / TF