London, July 29 (Inditop.com) Global steel giant ArcelorMittal, founded by Indian born L.N. Mittal, Wednesday reported a net loss of $800 million for the second quarter of this year but hoped for a much better performance in the ensuing months.
The huge loss was largely due to an exceptional pre-tax charge of $1.2 billion.
“The first six months of the year have been some of the most challenging the steel industry has ever experienced,” said Mittal, chairman and chief executive of the company.
He said he was pleased with the way in which ArcelorMittal had responded to adapting to production, cutting costs and strengthening the balance sheet.
The group’s sales stood at $15.17 billion for the quarter ended June 30, compared to $15.12 billion in the previous quarter.
The group had delayed their proposed steel projects in Orissa and Jharkhand, estimated at $20-25 billion, by two years due to the global economic crisis and the resulting slump in demand.
