Luxembourg-based ArcelorMittal, the world's largest steelmaker, has announced its consolidated financial results for the first quarter of the current year, reporting a net loss of $416 million, decreasing from the net loss of $728 million in the same quarter of the previous year. During the given period, the company's sales decreased by 21.7 percent year on year to $13.39 billion, primarily due to lower average steel selling prices, lower market-priced iron ore shipments and lower iron ore reference prices. In the given quarter, ArcelorMittal's EBITDA decreased by 32.7 percent to $927 million, compared to the same quarter of 2015.
ArcelorMittal's crude steel production amounted to 23.2 million mt in 2015, down 2.1 percent year on year, while its iron ore production decreased by 9.6 percent year on year to 14.1 million mt.
ArcelorMittal stated that for the full year of 2016 it expects EBITDA of $4.5 billion. Meanwhile, the impact of the improving steel spread environment is expected to be fully reflected in its results for the second half of the year. In addition, the company expects to be free cash flow positive in 2016.