ArcelorMittal South Africa shares drop 7% as half-year loss per share seen up to R1.37
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ArcelorMittal South Africa guided to a 45%–51% wider half-year headline loss per share, triggering a ~7% share-price drop and underscoring persistent pressure from weak steel demand, low-cost imports, and rising electricity costs. The update also arrives amid ongoing buyout discussions with the IDC, highlighting balance-sheet and operational uncertainty. Broader market impact is limited, but it adds to caution around South African industrial cyclicals.
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ArcelorMittal South Africa (Amsa) issued a half-year trading update, warning that headline loss per share for the six months to endJune is expected to widen by 45% to 51% year on year, to as much as R1.37. The stock fell 7% on Wednesday morning and was trading at R1.29 by midmorning, still up 37% from a year ago. The update came a day before results are due, near the Johannesburg Stock Exchange (JSE) deadline requiring disclosure of a 20% comparable change in profit figures once a company has a “reasonable degree of certainty.” The Industrial Development Corporation (IDC), which holds about 8% of Amsa, last year extended a loan to help stave off a closure.
