ArcelorMittal suspends dividend amid slumping steel market
LUXEMBOURG (AP) — The world's largest steel producer, ArcelorMittal, has suspended its 2015 dividend amid a slumping market that has seen the company notch its first operating loss in almost two years.
The Luxembourg-based company said Friday that record imports from China and nations belonging to the former Soviet Union pushed down European prices. As a result, ArcelorMittal saw sales decrease by 5.7 percent to 6.9 billion euros in the third quarter compared to the year-earlier period.
ArcelorMittal Europe CEO Aditya Mittal said in statement that "the ongoing price deterioration has led us to book a 256 million euro exceptional charge for the quarter, meaning we have reported an operating loss for the first time in seven quarters."