By Martin Mou 
 

ArcelorMittal roughly halved its net loss in the second quarter, citing weak steel demand.

The Luxembourg-based steel-and-mining company reported a net loss of $559 million, compared with a loss of $1.12 billion a year earlier.

Sales fell to $10.98 billion from $14.84 billion, as the Covid-19 pandemic led to a 23.7% sequential reduction in steel shipments, the company said.

Earnings before interest, taxes, depreciation and amortization totaled $707 million compared with $967 million.

The company's net debt as of June 30 was $7.8 billion, the lowest level since the merger of Arcelor and Mittal Steel, it said.

 

Write to Martin Mou at martin.mou@wsj.com

 

(END) Dow Jones Newswires

July 30, 2020 01:59 ET (05:59 GMT)

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