In the company's third-quarter earnings statement, ArcelorMittal chairman and CEO Lakshmi Mittal blamed the loss on Chinese imports and depressed steel prices.

“Whilst we have delivered stable EBITDA compared with the second quarter, the already challenging operating conditions have further deteriorated during recent months, largely due to additional declines in steel prices caused by exceptionally low Chinese export prices. Our focus is on ensuring we take all the necessary steps to strengthen our competitiveness in this difficult environment,” he said in a statement.

According to The Wall Street Journal, the loss was largely due to $527 million in impairment charges. Those charges include US$500 million related to the write-down of inventories following a sharp drop in international steel prices and US$27 million related to restructuring costs in South Africa, the newspaper reported.

During the quarter, revenue declined 22 percent to US$15.6 billion on account of lower shipments of and prices for steel and iron ore. Steel demand in all major markets, except Europe, contracted, The Journal reported.

Luxembourg-based ArcelorMittal also reduced its 2015 EBITDA to US$5.2 billion to US$5.4 billion, down from the previous projection of US$6 billion to US$7 billion, according to The New York Times.

Mittal told The Times that steel demand in the company’s main markets -- Europe and North America – remains healthy, but that low-cost Chinese steel is depressing prices.

“The Chinese are dumping in our core markets,” he said. “The question is how long the Chinese will continue to export below their cost.”