ArcelorMittal SA swings to R4.67bn loss as steel demand weakens
The steelmaker says 2019 was its most challenging year since the 2008 global financial crisis
06 February 2020 - 07:52
Africa’s largest steelmaker, ArcelorMittal SA, which said in November that it would shutter its Saldanha operation, swung to a R4.67bn loss in its year to end-December due to a sharp downturn in steel demand in the wake of the US-China trade war.
The loss is more than three times the group’s market capitalisation of R1.4bn, with the steelmaker also saying that weak economic growth in SA and rising local electricity costs played a role...
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