RTTNews | Nov 5, 2020 01:44AM EST

01:43 Thursday, November 5, 2020 (RTTNews.com) - ArcelorMittal (MT) on Thursday recorded that its third-quarter net loss attributable to equity holders of the parent was $261 million or $0.21 loss per share, narrower than net loss of $539 million or $0.53 per share in the previous-year quarter.

Operating income for the quarter grew to $718 million from $297 million in the year-ago quarter. The company noted that the improved operating performance reflected a gradual recovery in steel end markets, in particular automotive. following the severe impacts of COVID-19 lockdowns on economic activity in the preceding second quarter, as well as stronger mining segment performance.

However, sales for the quarter declined to $13.27 billion from $16.63 billion last year.

Total steel shipments in the quarter decreased to 17.5 million tonnes from 20.2 million tonnes last year.

"The third quarter marked an improved operating performance for the Group with steel markets recovering gradually from the very challenging second quarter after the ending of lockdowns. All steel segments saw improved demand with Brazil and ACIS showing particularly encouraging profitability improvement," said Lakshmi Mittal, ArcelorMittal Chairman and CEO.

In the quarter, ArcelorMittal also announced a Group 2050 net zero target and the launch of a green steel product for the first time. The company said it remains hopeful that it will start to see the introduction of the policy required to unlock potential and deliver real progress in the coming years.

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