ARCELORMITTAL HAD NET LOSS OF US$ 7.9 BILLION IN 2015

Steel and mining group ArcelorMittal blamed plunging iron ore prices as it took non-cash impairment charges on mining assets contributing to a $7.9 billion group net loss in 2015.

The mining business was looking to reduce cash costs by 10% in 2016 to help cope with low prices, while it cut the size of its Liberia iron ore operation.

"Our mining business is fully focused on adapting to this low price environment and has reduced cash costs by 20% compared with an initial target of 15%. A further 10% is targeted for 2016," ArcelorMittal said in a statement.