ArcelorMittal, the world's largest steelmaker, reported a net loss of $559 million for the second quarter of 2020 as the COVID-19 pandemic cut steel demand around the world. The company said the first half of the year, and the second quarter in particular, had been one of the most difficult periods in its history. Steel shipments fell 23.7% in the first half compared with the same period in 2019. For the half year as a whole, ArcelorMittal recorded an operating loss of $600 million and a net loss of $1.7 billion, or an adjusted net loss of $900 million excluding impairment and exceptional items. Earnings before interest, tax, depreciation and amortisation were $700 million in the second quarter and $1.7 billion for the half year, showing that the group remained profitable on that measure despite the collapse in volumes. Management said demand had been considerably disrupted by the pandemic and lockdowns in its main markets. The results underlined how severely the crisis had hit steelmakers outside China, where mills were still running at high rates while producers in Europe and the Americas idled furnaces and cut output.
Source: Carolina Recycling Association / Recycling Today — https://www.cra-recycle.org/2020/07/arcelormittal-reports-23-percent-decline-in-shipments/
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