The French mining group Eramet, hit by the slumping Nickel market, is warning of more losses and the need to reduce costs.
An Eramet spokesman told AFP that the nickel sector is in overcapacity and it's impossible to predict when things will sort themselves out.
The warning came as the company posted a 5 percent drop in third-quarter sales to 754 million euros, mainly on slumping nickel prices.
For the first half of the year, the company posted a net loss of 32 million euros.
To face its problems, the group says it will push through new cost-cutting measures, slash back investment and scale back operations, but the group says it planned no restructuring programme.
The company also says output at its main nickel mine in New Caledonia was reduced by six percent in the first nine months of the year, compared to the same period last year.