ArcelorMittal saw a net loss of almost 560 million US dollars in the second quarter of 2020.

Steel sales have dropped by 43% due to low demand, caused by the coronavirus crisis.

However, CEO Lakshmi Mittal said he was optimistic the Luxembourg-based steel company would survive the crisis, in spite of one of the most difficult periods in the history of the business. He said they were prepared to boost production in response to demand as the global crisis evolves.