• Three cheers for Thuli

    Where are South Africa’s men and women of honour, asks Mandi Smallhorne.

  • Structure your pension

    An expert explains the ins and outs of different types of retirement annuities.

  • Inside Labour

    Without radical policy change SA's social fabric will continue to fray, says Terry Bell.

Data provided by iNet BFA
Loading...
See More

Price drop hammers ArcelorMittal SA

Jul 25 2012 11:39 Reuters

Company Data

ARCELORMITTAL SOUTH AFRICA LIMITED [JSE:ACL]

Last traded 39.98
Change 0.62
% Change 0.02
Cumulative volume 212172
Market cap 17.82bn

Last Updated: 01/09/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

KUMBA IRON ORE LIMITED [JSE:KIO]

Last traded 318.30
Change -0.2
% Change 0.00
Cumulative volume 62777
Market cap 102.52bn

Last Updated: 01/09/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Amsa shares near 7-year lows

Amsa shares knocked by state snub, fine

Amsa in line for price-fixing fine

Amsa boosts first-quarter profit

Kumba sees earnings fall

Anglo raises stake in Kumba

 
Johannesburg - ArcelorMittal SA [JSE:ACL], a unit of the world's top steelmaker, reported an 84% drop in first-half earnings on Wednesday. Hit by lower prices and soft demand, the company said it expects a further reduction in the third quarter.

Africa's biggest steelmaker said diluted headline earnings per share for the six months to end-June totalled 26 cents compared with 166c in the same period last year.

"Third-quarter financial results are expected to extend the headline loss incurred in second quarter on the back of lower steel prices and a further decline in domestic demand," the company said in a statement.

ArcelorMittal South Africa, which sells 90% of its steel in Africa, said revenue rose 7% to R17.8bn.

It did not declare an interim dividend.

The company also said it was in talks with Kumba Iron Ore [JSE:KIO] to extend an interim iron ore supply agreement which expires on July 31.

The two firms have been at loggerheads over prices since early 2010 after a preferential deal lapsed, and an arbitration hearing will decide if the steelmaker can keep sourcing iron ore from Kumba at a discount.

ArcelorMittal South Africa paid R1.1bn more for iron ore in 2011 due to the dispute.

* Follow Fin24 on Facebook, Twitter and Google+.
arcelormittal sa  |  steel  |  mining
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

“Hippie sense makes business sense,” an entrepreneur said, adding that "purpose" was core to success.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...