Weak demand weighs on ArcelorMittal’s second quarter

ArcelorMittal SA, the world’s largest steelmaker, has cut its forecasts for the full-year as it reported a fall in production, shipments and earnings during the second-quarter due to continued weak demand and low raw material prices.

But the Luxembourg-based company says that the worst of a market downturn is behind it now and with the outlook in Europe improving, it expects a stronger second half.

The company posted a net loss of $780 million (585 million euros) during the period, in contrast to a $1.02 billion profit in the same period of 2012. Revenues meanwhile fell to $20.2 billion from $22.5 billion.