Revenue halved in second quarter as world's biggest producer records third quarterly loss in a row

The world's largest steel producer, ArcelorMittal, has recorded its third consecutive quarterly loss, with sales down more than 50% in the three months to June compared with the same period last year.

The steel giant reported a net loss of €581m (£502m) in the second quarter, compared with a profit of €3.7bn a year ago.

Sales in the quarter plummeted to €11.1bn, from €24.2bn a year earlier.

However, chief executive Lakshmi Mittal said the firm has started to see “initial signs of recovery” in recent weeks. He added that ArcelorMittal was also planning to restart production at some facilities.

“Provided there are no further unexpected economic deteriorations, we should see continued gradual improvement throughout the second half of the year,” Mittal said, but he warned full recovery would remain slow.