ArcelorMittal reports $1.9 bn net loss in Oct-Dec

New Delhi: Global steel giant ArcelorMittal on Thursday reported a net loss of $1.9 billion for the quarter ended December, with the company calling 2019 a "very tough year".

The world's largest steel maker had posted a net income of $1.2 billion in the year-ago quarter, the company said in a statement.

The company reported a "net loss attributable to equity holders of the parent" of $1.9 billion in the fourth quarter.

ArcelorMittal follows January to December fiscal year.

For the whole year (2019), the company reported a net loss of $2.5 billion as against net income of $5.1 billion in 2018.

Revenue in 2019 was at $70.6 billion as compared with $76 billion in the previous year. Its crude steel production stood at 89.8 million metric tonnes, while own iron ore production was at 57.1 million metric tonnes.

ArcelorMittal Chairman and CEO Lakshmi N Mittal said, "2019 was a very tough year, clearly reflected in our significantly reduced profitability. However, our cash generation remained strong helping to reduce net debt to the lowest ever level."

"This demonstrates the contribution of our Action 2020 programme which was designed to ensure ArcelorMittal can be cash flow positive through all aspects of the steel cycle. We expect to make further deleveraging progress this year," Mittal added.