ArcelorMittal Q2 Reflects Negative Impact of Covid-19 Pandemic

ArcelorMittal recorded net loss of $0.6 billion during the quarter.

SEATTLE (Scrap Monster): Luxembourg-based integrated steelmaker ArcelorMittal shipped 23.7% less steel during the initial six-month period of the year, upon comparison with the corresponding period last year. The company cited impacts of Covid-19 pandemic for the decline in shipment.

The company press release noted that it reported operating loss of $0.3 billion including $0.2 billion exceptional items. The EBITDA for the second quarter of the year was $0.7 billion. ArcelorMittal recorded net loss of $0.6 billion during the quarter. The liquidity stood at $11.2 billion.

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Commenting on the future outlook, the company said that its core markets have started showing signs of recovery from exceptionally low levels. The company will continue to align production levels to demand. The idled furnaces will be restarted after thorough analysis of the progress in recovery.

Mr. Lakshmi N. Mittal, Chairman and CEO, ArcelorMittal said that the entire first half of the year, especially the second quarter, has been one of the most difficult times in the history of the company. The activity has started picking up in regions where lockdowns have ended. Meantime, he maintained a cautious outlook, while admitting that structural changes might become necessary for the company to perform in the coming years.