Steel Mills
February 6, 2020
ArcelorMittal Reports Big Loss in 2019
Written by Sandy Williams
ArcelorMittal posted a net loss of $1.9 billion for the fourth quarter of 2019. In comparison, the global steelmaker posted a loss of $539 million in Q3 and a net profit of $1.19 billion in Q4 2018. For the entire year 2019, ArcelorMittal posted a net loss of $2.5 billion compared to net income of $5.1 billion in 2018.
“2019 was a challenging year for the global steel industry,” said ArcelorMittal Chairman and CEO Lakshmi Mittal. “Macro headwinds were exacerbated by supply chain destocking, resulting in demand weakness in our core markets and significant spread compression to levels that were both exceptional and unsustainable. Despite the continued macro uncertainty, the destocking cycle appears mature and the recent trends for steel spreads in our core markets have been more encouraging.”
