ArcelorMittal Europe reports operating loss of €23 million
Record levels of imports, particularly from China and the CIS, have placed significant downward pressure on European steel prices. As a result, the segment’s operating profit for the third quarter was negatively impacted by a €256 million exceptional charge related to the write-down of inventory following the rapid decline of international steel prices.
ArcelorMittal Europe sales also decreased by -5.7 percent to €6.9 billion this quarter, from €7.3 billion in the corresponding quarter last year, as a result of lower average selling prices and marginally lower steel shipments.
Steel shipments in the third quarter decreased by -1.9 percent to 9.6 million tonnes, compared with Q3 2014. ■