ArcelorMittal posts $792,000 loss

Steel maker ArcelorMittal SA says it had a loss of $792,000 in the second quarter as it wrote down the value of steel stocks and paid off redundant workers.

Steel maker ArcelorMittal SA says it had a loss of $792,000 in the second quarter as it wrote down the value of steel stocks and paid off redundant workers.

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The company made a profit of $5.8 billion for the three months ending June 30 last year. The company reported Wednesday that revenues more than halved this year to $15.2 billion, down from $37.8 billion a year ago.

CEO Lakshmi Mittal said that the steel business was turning the corner in recent weeks and the company would restart production at some plants. He warned that full recovery would be slow and progressive.

It is the second consecutive quarterly loss for ArcelorMittal, coming after a harsh start to the year as boom turned rapidly to bust.