Whole industry shutdowns amid the Covid-19 pandemic dealt a hammer blow to ArcelorMittal SA’s earnings, leaving the unit of the world’s biggest steel maker of the same name with a half-year loss of at least R2bn.

Africa’s largest steel maker said in a trading update that it expects its headline loss to worsen by at least R2bn from the prior period’s R638m, sending its shares tumbling more than 15% and valuing the company at R386m...

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