The company blames the Covid-19 pandemic for a notable drop of earnings in the first quarter 2020 year on year, with both volumes and prices severely affected.
The company also attributed the fall in sales income to lower average steel selling prices.
The company noted a notable drop in industrial activity across all geographic regions it operates due to lockdown measures imposed in those areas.
ArcelorMittal significantly reduced output, including idling steelmaking and finishing assets globally in accordance with reduced demand.
The company is reducing production further by idling Tubarão’s...