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...
BL Premium
This article is reserved for our subscribers.
A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
Already subscribed? Simply sign in below.
Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now