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ArcelorMittal South Africa Reports Deeper Losses for H1 of 2020

Steel News - Published on Fri, 31 Jul 2020

Image Source: ArcelorMittal South Africa
Steel producer ArcelorMittal South Africa Ltd fell deeper into a half-year loss as demand for steel dropped due to the new coronavirus and output declined after operations were shut during a lockdown. ArcelorMittal SA said that its headline loss had increased to ZAR 2.613 billion (USD 157 million) for the six months to June 30 from a loss of ZAR 638 million a year earlier. ArcelorMittal South Africa said some parts of its business would remain idle until demand recovered, including placing the melting operations at its Vereeniging Works on care and maintenance from the third quarter. The company said it expected steel demand to be at 70% to 75% of pre-lockdown levels for the foreseeable future. ArcelorMittal South Africa Chief Executive Kobus Verster said “On the back of a demanding 2019, the first half of 2020 proved to be incredibly difficult with the widespread health, social and business impact brought about by the global COVID-19 pandemic.”

During the period, liquid steel production fell 54% to 1.1 million tonnes and sales volumes dropped 47% to 1.1 million tonnes.

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Posted By : Yogender Pancholi on Fri, 31 Jul 2020
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