Chief executive Lakshmi Mittal said "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 added in a statement announcing the company's third quarter results.
In the third quarter the company fell back into a net loss of $711m (€654m), having managed a profit of $22m in the same period last year.
Over the first nine months of the year, the company's losses hit $1.26bn, ten times the level of last year.
Sales dropped 22% to $15.6bn and operating profit (EBITDA) fell 29% to $1.35bn, in line with analyst expectations.
ArcelorMittal said that in addition to cheap Chinese steel flooding the markets, customers have adopted a "wait and see" attitude and that it now expects a full year operating profit of $5.2-$5.4bn. It had previously expected an EBITDA operating profit of $6 to $7bn.
Mittal called on governments to speed up anti-dumping investigations and said the company would push on with efforts to cut costs and reduce its heavy debt load. Those measures included suspending any dividend payment in 2015.
A sector analyst said the further cut in the operating profit forecast was a concern as ArcelorMittal needs operating income above $8bn to keep its facilities turning properly.
Arcelor's shares rose 1.37% to €5.05 in morning trading on the Amsterdam stock exchange, which was showing a slight gain overall.
The company's share price hit a record low of 4.43 last month.
Source: AFP
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