ArcelorMittal has seen its quarterly sales almost halve with the global recession hitting demand for steel.
Revenues at the world's largest steelmaker fell to 15bn euros ($19.8bn; £13.5bn) in the three months to 31 March, from 29.8bn euros a year ago.
As a result, the firm posted a quarterly loss of 1.06bn euros, its second in succession. A year earlier it had reported a 2.37bn-euro profit.
ArcelorMittal is based in Luxembourg but led by India's Lakshmi Mittal.
The firm said it would continue to freeze production while demand remains low from the global construction industry, carmakers and other main steel users.
I have seen various statistics quoted in terms of the fall in steel sales, commonly that demand is down by 25%. I have felt for a while that a 25% figure is an optimistic one, and that the Arcelor figures reflect more accurately the situation, particularly in western Europe.