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Arcelormittal South Africa Posts HY Headline Loss Of 638 Mln Rand
Arcelormittal Entered Into Sale Of Business Agreement With HSM And Highveld
Arcelormittal South Africa Says HEPS Now Expected To Decrease To Loss Within A Range Of 53 & 63 Cents
ArcelorMittal South Africa Limited is a steel producer. The Company's segments are Flat steel products, Long steel products, Coke and Chemicals, and Corporate and other. The Flat steel products segment consists of Vanderbijlpark Works and Saldanha Works. The Long steel products segment consists of Newcastle Works, Vereeniging Works and the decommissioned Maputo Works. The Coke and Chemicals segment undertakes the processing and marketing of by-products and the production and marketing of commercial-grade coking coal. The Corporate and other segment consists of sales and marketing functions, procurement and logistics activities, shared services, and the decommissioned Pretoria Works site. Its flat steel products include slabs and heavy plate, as well as hot rolled coil, cold rolled and coated products. Its long steel products include bar, billets, blooms, hot-finished and cold-drawn seamless tubes, window and fencing profiles, and forged products.
Iron & Steel
Paul Mpho Makwana
Non-Executive Independent Chairman of the Board
Hendrik Jacobus Verster
Chief Executive Officer, Executive Director
Avinash Desmond Maharaj
Chief Financial Officer, Executive Director
Brian E. Aranha
Noluthando Primrose Gosa
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The South African arm of steelmaker ArcelorMittal <ACLJ.J> expects to plunge to a first-half loss and cut more than 2,000 jobs as it struggles with cheap imports, rising costs and a flagging local economy, it warned on Wednesday.
ArcelorMittal's South Africa unit said on Wednesday it was considering a large-scale restructuring expected to affect more than 2,000 jobs, after warning its headline earnings for the first half of the year would fall by at least 650 million rand ($45.78 million).
ArcelorMittal <MT.AS>, the world's largest steel producer, posted forecast-beating core profit in the second quarter after keeping costs low, and said an improving global market and trade protection were feeding into an upbeat full-year outlook.
ArcelorMittal's South Africa unit <ACLJ.J> swung back to a modest profit in the first half of the financial year, boosted by higher steel prices and upbeat sale volumes, the firm said on Wednesday.
ArcelorMittal's South Africa unit will sell its 50 percent stake in trading and shipping company MIHBV to its joint venture partner Macsteel Holdings Luxembourg (MacHold) for $220 million, the steel maker said on Monday.
ArcelorMittal South Africa <ACLJ.J>, which has agreed to pay a 1.5 billion rand (£87.2 million) fine for colluding to fix steel prices in five instalments, will be allowed to pay the first of those in three parts, the steelmaker said on Monday.
ArcelorMittal South Africa is considering job cuts and restructuring to save costs in a challenging global steel market and recession at home, it said on Tuesday.
ArcelorMittal South Africa reported a deeper first-half loss on Thursday but forecast growth in steel demand in Africa in the second half.
Steelmaker ArcelorMittal South Africa <ACLJ.J> expects first-half headline losses to increase by over 200 percent because of higher costs, the company said on Thursday.
* Recommended to tribunal to approve ArcelorMittal South Africa's acquisition of Thabazimbi mine from Sishen Iron Ore Co
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