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Amsa shares slide on force majeure

Feb 12 2013 12:58 Reuters
Nonkululeko Nyembezi-Heita

ArcelorMittal SA chief executive Nonkululeko Nyembezi-Heita. (Picture: Muntu Vilakazi) (Muntu Vilakazi)

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Johannesburg - Shares of ArcelorMittal SA [JSE:ACL] extended losses, falling nearly 3%, after the steel producer said it would declare force majeure following the shut down of its Vanderbijlpark plant due to a fire.

The unit of global steelmaker ArcelorMittal said the fire at the plant on Saturday caused extensive damage, adding further strain to the struggling company.

The company last week said its full-year loss widened as domestic steel sales fell and commercial coke sales declined.

The shares were down 2.6% at R32.26 after dropping 6.76% to close at R33.12 on Monday.

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