The South African government’s long delayed decision to impose higher tariffs on certain steel imports — effective from July 1 — has come too late to staunch the bleeding at SA’s largest remaining listed steel company, ArcelorMittal SA. The company warned shareholders on Thursday that its headline losses for the six months to the end of June would be more than three times higher, at between 143c and 152c a share, than 2016’s headline loss of 44c a share. That puts ArcelorMittal SA on track for its sixth successive year of losses. The last time the company made a full-year net profit was in 2011 (R8m). In the intervening years, net losses have accumulated to a staggering R16.14bn.
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