Africa’s largest steel producer, ArcelorMittal, posted its first annual profit in about 10 years earlier in 2019. But the joy has been short-lived.

In the six months to June, a number of metrics in the company’s financials are pointing the wrong way. Sales volumes, revenue and earnings before interest, taxes, depreciation, and amortisation (ebitda) dropped, while production costs and raw materials costs rose...

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