Luxembourg-based ArcelorMittal, the world's largest steelmaker, has announced its financial results for the first half of the current year.
In the first half, ArcelorMittal posted a net loss of $1.68 billion, as compared to a net loss in the first half of 2019 of $33 million. The company’s sales revenues in the first half this year decreased by 32.9 percent to $25.82 billion as compared with $38.47 billion for the first half of the previous year. ArcelorMittal registered an EBITDA of $1.67 billion in the given period, down 47.8 percent year on year.
ArcelorMittal's crude steel production declined by 25.7 percent to 35.5 million mt in the first half of the current year, while its iron ore production decreased by 2.8 percent year on year to 27.9 million mt.
ArcelorMittal said that the company’s core markets are showing signs of recovery from exceptionally low levels despite the uncertainty about the outlook of the demand recovery after the coronavirus pandemic. The company also expects certain cash needs of the business to be approximately $3.5 billion this year and targets $1 billion working capital efficiency for the financial year 2020.