Steelmaker ArcelorMittal posts $709M 3Q loss

LUXEMBOURG (AP) — ArcelorMittal, the world's largest steelmaker, has reported a third-quarter loss of $709 million as compared to a $659 million profit for the same period a year ago.

The company on Wednesday cited the effect of China's economic slowdown on the global economy, and said it was committed to reducing its debt and increasing its productivity and efficiency.

The results were a sharp drop from those for the second quarter of 2012, when the company posted a net profit of $959 million. Overall, for the first nine months of 2012, the Luxembourg-based steel and mining giant is reporting a net profit of $261 million, compared to $3.2 billion for the first nine months of 2011.