ArcelorMittal shares plunge on possible capital raise
16 October 2024 - 16:24
UPDATED 16 October 2024 - 18:41
SA’s largest steel producer ArcelorMittal SA (Amsa) is considering asking shareholders for money while it looks for ways to fix its unbalanced financial structure after a further slump in performance in the third quarter.
Amsa shares took a pummelling on the news, falling almost 19% before closing 15.85% weaker at R1.38 — a world away from the record high of R265 reached in 2008. Once a darling of the SA investment landscape, when electricity prices were a fraction of what they are now, its market cap is just R1.571bn...
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