ArcelorMittal Posts Quarterly Loss

ArcelorMittal

reported a loss in the three months ending June 30 and lowered its full-year earnings forecast. ArcelorMittal posted a quarterly net loss of $780 million, versus a year-ago net profit of $1.02 billion. However, analysts were expecting a net profit of $117 million. Its sales fell 10% to $20.2 billion, while earnings before interest, taxes, depreciation and amortization declined 34% to $1.7 billion. ArcelorMittal shares closed at $12.97 yesterday.