Steel Mills
August 1, 2019
ArcelorMittal Reports Loss in Challenging Quarter
Written by Sandy Williams
ArcelorMittal suffered a net loss of $447 million in the second quarter due to high raw material costs and sharply lower steel prices in the U.S. resulting in impairment charges on fixed assets in ArcelorMittal USA of $600 million. An additional impairment charge of $347 million occurred due to the sale of assets related to the ArcelorMittal Italia acquisition.
The company’s NAFTA steel shipments increased 2.2 percent to 5.4 million metric tons. Long product shipments jumped 21.1 percent primarily from a rampup of blast furnace production in Mexico following a prolonged maintenance outage. NAFTA crude steel production increased 3.7 percent to 5.6 million MT.
