ArcelorMittal’s share price slumped 7% on Thursday, a day after Trade and Industry Minister Rob Davies defended the government’s policy of using import duties to protect the steel conglomerate from the full force of global competition. More than half-a-million shares changed hands as the share plummeted to its lowest level in 12 months. It remains well stronger than its record low of 325c in December 2015. The company could not identify specific reasons for the 49c drop in the price. Spokesman Julian Gwillim said it seems to have followed the downward trend in resources with the unexpected strength of the rand contributing to the weakness. "There are no safety or operational issues that could have impacted the price in this way." Although the share has been on a downward trajectory over the past five years, there have been occasional upticks. In one day’s trading in mid-May, it gained 5.6% to R7.96.
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