ArcelorMittal plunges 22% after profit warning
Stock plummets more than a fifth as steelmaker warns of impact of global commodity price falls and ailing Transnet
24 January 2023 - 14:44
SA’s biggest steel producer ArcelorMittal SA (Amsa) said on Tuesday its full-year headline profit is expected to slump by almost two-thirds, sending its shares on the biggest fall since July 2020.
Headline earnings per share, which strips out exceptional times, is forecast to decline by 60%-65% year on year, the company said in a statement on Tuesday. That saw its share price plummet as much as 22%, though it later recovered some of the loss and was trading at R4.17 at 2.16pm, down 12.2% on the day...
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