ArcelorMittal reports $709 million loss in Q3
Luxembourg/New Delhi: World's largest steel maker ArecelorMittal on Wednesday reported net loss of USD 709 million for the third quarter, impacted by slowdown in China.
It had posted USD 659 million profit during the third quarter last year. The company had recorded profit of USD 959 million in the second quarter of 2012.
The sales during the July-September quarter stood at USD 19.72 billion as against USD 24.21 billion during the same period in 2011, according to a company statement.
The company said the global economy was impacted during the quarter due to slowdown in China.
"The already fragile global economy was further impacted in the third quarter of 2012 by the slowdown in China. This resulted in very challenging operating conditions for ArcelorMittal, which are expected to continue in the fourth quarter," said Lakshmi N Mittal, Chairman and CEO of ArcelorMittal.
Against this backdrop, the company is focused on delivering its plan of asset optimisation, net debt reduction and productivity and efficiency improvements, he added.
"Net debt increased by USD 1.2 billion during 3Q 2012 to USD 23.2 billion, driven by negative operating cash flow (including a USD 0.3 billion investment in working capital) and negative foreign exchange impacts partially offset by proceeds from asset disposal and an issuance of perpetual securities," the statement said.