ArcelorMittal SA jumps 21% on trading update
The local operation of the world’s largest steelmaker expects to return to profit in its 2018 financial year from a loss in the previous year
ArcelorMittal SA's share price jumped 21% to R3.90 on Friday morning after the local operation of the Luxembourg-based steel making multinational issued a trading statement. ArcelorMittal said it expected to report on February 7 that its basic earnings per share for the year to end-December would be about R1.25, from the previous year’s R4.69 loss per share. Its headline earnings per share — which excludes about R3bn it gained by selling its half of MacSteel's South African operations — would be about 90c versus the prior year's R2.30 headline loss per share.
After ArcelorMittal SA released its interim results on August 1, its share price rocketed from R3.58 to R5.15 within a week, but subsequently settled back to hover around R3.60. On the Amsterdam stock exchange, ArcelorMittal's parent company was down 0.5% to €20.20 on Friday morning. Correction: February 4 2019 An earlier version of this article said ArcelorMittal would narrow its loss, when it fact it will return to prof...