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,” Chief Executive Officer Lakshmi Mittal said in a statement on Thursday.
Still, second-quarter earnings before interest, taxes, depreciation and amortization were $707 million, beating analyst estimates.
ArcelorMittal last quarter suspended dividends, cut its spending plans and withdrew its global guidance over uncertainty caused by the virus. The company said it expected the second quarter would be the “low point” for activity.
