AMSTERDAM (AP) — ArcelorMittal SA, the world’s largest steelmaker, slumped to a first-quarter loss, even as the company’s chief executive said restructuring efforts are starting to pay off and the steel market is stabilizing after a big reverse in the middle of last year.

The Luxembourg-based company’s business was hit by Europe’s ongoing economic problems and slowing growth in China. In the same quarter last year, it benefited from a tax windfall.