ArcelorMittal offered a cautiously upbeat outlook for the global steel industry, saying its core markets are showing signs of recovery from exceptionally low levels amid the coronavirus pandemic.
“The first six months of the year, and particularly the second quarter, have been one of the most difficult periods in the history of the company, with demand for steel considerably disrupted by the Covid-19 pandemic,” CEO Lakshmi Mittal said in a statement on Thursday.
Still, second-quarter earnings before interest, taxes, depreciation and amortization were $707-million, beating analyst estimates. The global steel industry in April saw its worst slump in production in a decade as demand from key consumers, including automakers, was hit hard by coronavirus lockdowns. Top producer China was quick to recover, with fresh output records in June.