International Steel Mills
November 12, 2019
ArcelorMittal Reports Second Losing Quarter
Written by Tim Triplett
ArcelorMittal reported a third-quarter net loss of $539 million—its second quarterly loss in a row as the global steel and mining company faced lower shipments and weak steel prices in markets all over the world.
“As anticipated, we continued to face tough market conditions in the third quarter, characterized by low steel prices coupled with high raw material costs. In these markets, we remain focused on our own initiatives to improve performance and our priority is to reduce costs, adapt production and focus on ensuring the business remains cash flow positive,” said Lakshmi N. Mittal, ArcelorMittal chairman and CEO, during the company’s quarterly conference call last week.
