Global steel giant ArcelorMittal on Thursday reported a net loss of USD 1.1 billion for the first quarter ended March 31, 2020 amid the coronavirus crisis.
The world's largest steelmaker had posted a net income of USD 0.4 billion in the year-ago quarter, the company said in a statement.
"ArcelorMittal recorded a net loss for quarter 1, 2020 of USD 1.1 billion... as compared to a net loss for quarter 4, 2019 of USD 1.9 billion and a net income for quarter 1, 2019 of USD 0.4 billion," the company said.
The world's leading integrated steel and mining company follows January-December fiscal year.
"The improved operating performance in the first quarter has been considerably overshadowed by the COVID-19 crisis. Faced with a significant humanitarian challenge, the company's first priority has been to take all the necessary actions to safeguard the wellbeing of our people and to provide support to the extent required in the communities in which we operate," ArcelorMittal Chairman and CEO Lakshmi N Mittal said.
Mittal further noted that: "We have also moved decisively to protect the business in the face of the completely unprecedented scenario we are facing where social and economic lockdown has contributed to a significant decline in demand."
The company also had to reduce production due to reduced demand, he said.
There are still too many uncertainties to accurately predict what the rest of the year holds. However, it seems likely that over the course of this month countries will start to announce details of their exit strategies, Mittal said.
“The remainder of this year will be challenging, but I am confident that ArcelorMittal has the experience and inherent resilience, to manage through these difficult times," he said.