ArcelorMittal scrapped its annual dividend after losing $1.3bn (£860m) in the first nine months of 2015 as prices fell and orders dried up for the world’s biggest steelmaker, underlining the crisis in the sector.
The company blamed unustainably low export prices from China and customers delaying purchases for the net loss, which widened from $131m a year earlier. Sales fell from $60.6bn to $49.6bn.
Conditions worsened in the third quarter, when the net loss was $711m – more than half the total for the year. ArcelorMittal, based in Luxembourg, wrote down the value of its steel stocks by $500m to reflect rapid falls in prices.
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