Merafe swings into a loss as Covid-19 weakens steel demand
The group wrote down its assets in the six months to end-June as the pandemic weighed on ferrochrome prices and production
08 September 2020 - 08:57
Merafe Resources, the junior empowerment partner in a chrome joint venture with Glencore, has swung into a first-half loss exceeding its R879m market capitalisation after Covid-19 shuttered facilities and hit Chinese stainless steel production.
The group reported a R961m loss for the six months to end-June, from profit of R165m previously. The group wrote down its assets by R1.34bn in its first half, warning on Tuesday that operating conditions in SA look set to deteriorate...
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