“The first six months of the year, and particularly the second quarter, have been one of the most difficult periods in the history of the company, with demand for steel considerably disrupted by the COVID-19 pandemic,” said ArcelorMittal founder and chief executive Lakshmi Mittal. 

“There are now signs of activity picking up, especially in regions where lockdowns have ended, but clearly it is prudent to remain cautious about the outlook. Against this context, we are examining what structural changes might be required to ensure the company is well configured to prosper in the coming years as demand recovers."

During the quarter, the company shipped 14.8 million tons of steel, down approximately 35% from the same quarter last year. In North America, second-quarter shipments fell about 30% to 3.8 million metric tons. 

The company said the decline was driven by the pandemic’s impact on the automotive and energy sectors. 

“As the 2Q 2020 progressed, steel shipments started to recover as lockdown measures eased and automotive production and manufacturing activity restarted,” it said.