[miningmx.com] – ARCELORMITTAL South Africa (AMSA) is to report an interim headline loss per share of between 25 cents to 30c/share owing to poor trading conditions and an increase in financing costs at it increased borrowings.
“The loss per share is expected to increase from a loss per share of 4 cents to a loss range of between 25 and 30 cents per share (a 525% to 650% change),” it said in a trading update today.
“The headline loss per share is also expected to increase from a headline loss per share of 2 cents to a headline loss per share range of between 25 and 30 cents a share (a 1150% to 1400% range),” it said.
South Africa’s steel sector is facing severe headwinds owing to a slow-down in economic activity domestically and in the export market. Evraz Highveld Steel & Vanadium recently announced plans to stop production as it slid into bankruptcy.
