UPDATE: ArcelorMittal Posts Q3 Loss, Lowers Dividend

ArcelorMittal

posted a net loss in the third quarter and announced its plans to cut the annual dividend. ArcelorMittal's board of directors proposed to lower the annual dividend to $0.20 per share in 2013, versus $0.75 this year. ArcelorMittal posted a quarterly net loss of $709 million, versus a year-ago net profit of $659 million. However, analysts were expecting a net loss of $230 million. Its revenue dropped 18.5% to $19.72 billion, while earnings before interest, taxes, depreciation and amortization (EBITDA) declined 45% to $1.34 billion. ArcelorMittal shares closed at $15.44 on Friday.