Hulamin earnings hit heavily by US steel and aluminium tariffs
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JOHANNESBURG – JSE-listed aluminum producer, Hulamin, on Monday reported a 77 percent decline in headline earnings per share for the six months ended June 30, down to 13 cents per share as the rand was stronger against the dollar in the reporting period.
The local manufacturer said that volatility in its markets was largely driven by socio-political changes in South Africa and by US government intervention in metal markets globally, especially the duty on steel and aluminum imports imposed by the Trump administration.
Richard Jacob, Hulamin’s chief executive, said the US steel and aluminum duties heavily affected their business.
“Uncertainty around vacillating US trade actions affected our products directly. As a result of the duties now in place, imports into the USA have been significantly curtailed, particularly from China,” Jacob said.
“This has resulted in a supply shortage and has allowed us to raise prices in the USA. We can also report ongoing cost savings in Hulamin Rolled Products and a very strong safety performance during the period.”
– African News Agency (ANA)
Source: iol.co.za
