ArcelorMittal Earnings Fall Less Than Expected

The world's largest steelmaker, ArcelorMittal (MT) - Get Report , narrowed its net loss in the first quarter, beating analysts' consensus expectations.

The Luxembourg-based steelmaker announced a loss of $400 million, which is less than the $738 million reported in the first quarter of 2015.

Shares were down more than 2% in morning trading. 

Persistently low commodity prices pushed revenues down 21.7% year-on-year and Ebitda dropped 33% to $927 million.

CEO Lakshmi Mittal warned that excess steel capacity in China was putting pressure on the company.

"Our results for the first quarter reflect the very tough operating conditions in the second half of 2015," said Mittal.