(Shutterstock)ArcelorMittal on Thursday reported a net loss of $1.1 billion for the first quarter ended March 31, 2020 amid the coronavirus crisis. The world’s largest steel maker had posted a net income of $0.4 billion in the year-ago quarter. It is expecting shipments to fall to 13.5-14.5 million tonnes in the April-June quarter from the high of 19.5 million tonnes in January-March, a fall of 25-30 per cent. “We moved swiftly to temporary idle furnaces, cutting production across markets and reducing operating and capital costs to match this environment. India showThe Indian operation, renamed as AM/NS India to reflect the joint venture with Nippon Steel, performed well in January-March, producing 1.7 million tonnes (annualised 7 million tonnes) and EBIDTA of $140 million ($560 million annualised).

Source: The Telegraph May 08, 2020 00:56 UTC