Luxembourg-based integrated steelmaker ArcelorMittal shipped 23.7% less steel in the first half of the year compared to the corresponding period last year. The company cited the impact of the Covid-19 pandemic on supply cuts.
The company said in a press release that it reported operating losses of $ 0.3 billion, including $ 0.2 billion in exceptional items. EBITDA for the second quarter of the year was $ 0.7 billion. ArcelorMittal posted a net loss of $ 0.6 billion during the quarter. Liquidity was $ 11.2 billion.
Commenting on the outlook for the future, the company said its major markets have begun to show signs of recovery from exceptionally low levels. The company will continue to adjust production levels in line with demand. Furnaces at idle speed will be restarted after careful analysis of the recovery progress.
Mr Lakshmi N. Mittal, Chairman and CEO of ArcelorMittal, said the entire first half of the year, especially the second quarter, was one of the most difficult times in the company's history. Activity began to accumulate in the regions where the blockages ended. Meanwhile, he maintained a cautious outlook, acknowledging that structural changes may become necessary for the company in the coming years.
