ArcelorMittal posts $539 mn loss in Jul-Sept

London/New Delhi: The world's largest steel maker ArcelorMittal on Thursday reported a net loss of $539 million for the July-September quarter of 2019 hit by lower steel shipments and prices, and high material costs.

The company had posted a net income (attributable to equity holders of the parent) of $899 million in the year-ago period. The steelmaker had posted a loss of around $400 million in the second quarter of 2019.

Sales of the company declined to $16,634 million in the July-September quarter from $18,522 million in the year-ago period.

Commenting on the result, ArcelorMittal Chairman and CEO Lakshmi N Mittal in a statement said that "as anticipated, we continued to face tough market conditions in the third quarter, characterised by low steel prices coupled with high raw material costs."

"In these markets, we remain focused on our own initiatives to improve performance and our priority is to reduce costs, adapt production and focus on ensuring the business remains cash flow positive. We continue to expect a substantial working capital release in the fourth quarter which should enable us to further reduce net debt year on year," Mittal added.