RTTNews | Jul 30, 2020 01:28AM EDT

01:28 Thursday, July 30, 2020 (RTTNews.com) - ArcelorMittal (MT) reported that its second-quarter net loss attributable to equity holders of the parent widened to $559 million or $0.50 per basic share, from $447 million or $0.44 per basic share last year. Operating performance in the latest-quarter reflected the negative impact of the COVID-19 pandemic primarily on the steel business, with reduced demand leading to a 23.7% sequential reduction in steel shipments.

Sales for the quarter dropped to $10.98 billion from $19.28 billion in the previous year.

The company continues to expect certain cash needs of the business to be about $3.5 billion in 2020 and remains focused on its 2020 $1 billion working capital efficiency target.

The company's $2 billion asset portfolio optimization program continues to progress, and with suitable and viable buyers having expressed serious interest in certain assets, the company remains confident in completing the program by mid-2021.

Lakshmi Mittal, ArcelorMittal Chairman and CEO, said, "it has been an unexpectedly challenging period for everyone. The remainder of the year will no doubt continue to be challenging but I believe we are well prepared to increase production and capture the improvement in demand when it comes."

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