ArcelorMittal warns of headline loss of R4bn for year to end December
JOHANNESBURG – ArcelorMittal South Africa (Amsa) yesterday flagged that it would swing to a hefty R4billion headline loss for the year ended in December from a R968million earnings it reported in 2018.
Amsa said that attributable profit for the period would plummet at least R6.1bn from an R1.37bn profit in 2018, resulting in an increase in loss per share of at least 558cents.
The JSE-listed group announced that operations at its Newcastle plant would continue operating following an asset footprint review.
It said it had identified opportunities to improve both operational effectiveness.
The group, Africa’s biggest steel-making company, said it expected abnormal and impairment charges for the financial year in review on challenging trading conditions and interventions at the Newcastle facility.
Source: iol.co.za