[miningmx.com] – ARCELORMITTAL SA (AMSA) said it would post a full year earnings loss of between 33 cents and 43c per share, a 92% to 94% improvement on the previous year’s 535c/share loss.
The steelmaker said the improvement was related to the fact that in the previous financial year it was required to pay a R1.95bn impairment on the closure of its Thabazimbi mine.
Meanwhile, AMSA’s parent company, ArcelorMittal, moved deeper into junk territory after Standard & Poor’s downgraded the company’s debt owing to weaker iron ore prices.
The ratings agency said it had lowered its long-term credit rating on ArcelorMittal to BB from BB+ after revising its benchmark iron ore price assumptions for 2015 and 2016 to $65 from $85 per tonne, given a well-supplied market, said Reuters in an article republished by BDLive.
Click here to read the full article
