ArcelorMittal, the world's largest manufacturer of steel announced a huge second quarter loss.
The Luxembourg based steelmaker reportedly recorded a second quarter loss of US$780 million, taking losses incurred by the company thus far this year to US$1.125 billion.
Sales revenue for the group dropped 11.6 per cent this year aid lower prices (down 6%) and steel shipment volumes (down 3.7%).
Globally, steel manufacturers have been badly hit by continual weakness in construction and manufacturing, especially in Europe.
Despite the poor result, ArcelorMittal says underlying earnings were up 19% (US$1.7 billion) from the previous year.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=65691&division=A6
