SA’s biggest steel producer, ArcelorMittal SA (Amsa), has lost a further R1bn in market value since the release of its interim results in late July, indicating that investors are taking a dim view of the company’s outlook heading into the second half of the financial year.

Its shares are down more than 37% on the JSE since July 27 when the company reported a loss in the six months to the end of June, citing a list of factors that include weak demand and lower international prices, compounded by rail capacity bottlenecks and load-shedding...

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