ArcelorMittal cuts dividend in wake of US$709 million third-quarter loss
November 1, 2012, 1:09 am TWN
LUXEMBOURG--ArcelorMittal, the world's largest steelmaker, slashed its dividend as it slid into a third-quarter loss on the back of a slowdown in China.
The company reported Wednesday that it made a US$709 million loss during the July-September period in contrast to last year's equivalent profit of US$659 million and the second quarter's profit of US$959 million. It blamed lower economic growth in China, which is now the world's second-largest economy after years of stellar growth.
Arcelor also said it was committed to reducing its debt and increasing its productivity and efficiency. The Luxembourg-based steel and mining giant saw its debt increase by US$1.2 billion during the third quarter, to US$23.2 billion, because of negative operating cash flow.