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ArcelorMittal loss as sales fall ArcelorMittal loss as sales fall
(about 7 hours later)
Steel giant ArcelorMittal has reported its third quarterly loss in a row after sales between April and June more than halved from the same period last year.Steel giant ArcelorMittal has reported its third quarterly loss in a row after sales between April and June more than halved from the same period last year.
The world's largest steel producer reported a second quarter net loss of 581m euros ($823m; £502m), against a profit of 3.7bn euros a year earlier.The world's largest steel producer reported a second quarter net loss of 581m euros ($823m; £502m), against a profit of 3.7bn euros a year earlier.
Sales were down to 11.1bn euros from 24.2bn euros a year earlier.Sales were down to 11.1bn euros from 24.2bn euros a year earlier.
However, chief executive Lakshmi Mitta said the global steel industry was now showing signs of improvement. However, chief executive Lakshmi Mittal said the global steel industry was now showing signs of improvement.
He said the Luxembourg-based firm would restart production at some plants, but also warned that recovery would be slow.He said the Luxembourg-based firm would restart production at some plants, but also warned that recovery would be slow.
ArcelorMittal's latest loss was also partly caused by the firm having to write-down the value of its steel stockpiles, and the expense of having to pay off staff it had needed to make redundant.ArcelorMittal's latest loss was also partly caused by the firm having to write-down the value of its steel stockpiles, and the expense of having to pay off staff it had needed to make redundant.