ArcelorMittal share slumps after being ordered to pay Afrox R165m
ArcelorMittal fell 6.3% to R11.20 on Thursday morning after gas supplier African Oxygen (Afrox) announced the steel maker had been ordered to pay it R165m to settle a contract dispute. Afrox said in a statement the parties had "reached an agreement regarding the early termination of the supply contracts dispute, which has resulted in a full and final settlement of all legal proceedings between the parties." Afrox’s share price was 1.3% lower at R18.75 after the announcement. The dispute appears to date back to 1996,when ArcelorMittal SA was still Iscor, and related to a contract for the steelmaker to purchase R50m a year of argon until 2019.
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