ArcelorMittal, the world's largest steelmaker, reported its second straight quarterly loss and cut its demand forecasts for its main markets in the us and Europe.

The luxembourg-based company said global steel consumption, which includes inventory adjustments, will grow 0.5 to 1.0 percent in 2019, down from its previous forecast range of 0.5 to 1.5 percent.

Arcelormittal reported a net loss of $539 million for the third quarter, its second straight quarterly loss. The company said it now expects a drop in U.S. steel demand due to a weak auto industry and slowing machinery demand, although nonresidential construction activity was solid.

It also said steel demand in Europe was likely to shrink more than expected due to the downturn in the car industry and a slowdown in construction activity.

The company did raise its demand estimates for the former Soviet union and China. But arcelormittal, which exports about half of its steel output to European customers and about a quarter to the us, has negligible business in China, although the Chinese market does affect steel prices.

Arcelormittal said it now expects production to hold steady this year, after previously expecting an increase from the previous year. The company produces about 5% of the world's steel.

The company's third-quarter core earnings, or earnings before interest, tax, depreciation and amortization, were $1.06 billion, above the survey's average forecast of $930 million. （From LGMI)