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SA’s top-tier iron-ore producer Kumba Iron Ore expects to announce a 50% increase in interim earnings later this month, but faces a gloomy second half amid warnings of falling Chinese demand.
The global steel sector is also bracing for the prospect of the US imposing tariffs against cheap Chinese steel. US President Donald Trump is expected to receive a list of recommended antidumping measures as soon as this week.
The JSE-listed Anglo American subsidiary said in a trading statement on Friday that its interim earnings, fuelled by higher iron-ore prices, would grow by between 46% and 58% compared with 2016’s earnings of just more than R3bn.
Earnings were partially offset by the stronger rand, Kumba said, while analysts had mixed views about the price implications of data showing that inventory levels at Chinese ports were rising. Trump has repeatedly accused China of dumping cheap steel, and has raised the issue at the Group of 20 summit earlier in July.
The summit subsequently resol...
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