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MarketScreener Homepage  >  Equities  >  Johannesburg Stock Exchange  >  ArcelorMittal South Africa Ltd    ACL   ZAE000134961

ARCELORMITTAL SOUTH AFRICA LTD

(ACL)
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ArcelorMittal South Africa falls deeper into half-year loss as steel demand falls

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07/30/2020 | 05:08am EDT
ArcelorMittal plant is seen in Vanderbijlpark, an industrial city south of Johannesburg

Steel producer ArcelorMittal South Africa Ltd fell deeper into a half-year loss as demand for steel dropped due to the new coronavirus and output declined after operations were shut during a lockdown, the company said on Thursday.

Africa's biggest steel producer, which is majority-owned by ArcelorMittal, said its headline loss had increased to 2.613 billion rand (119.59 million pounds) for the six months to June 30 from a loss of 638 million rand a year earlier.

ArcelorMittal South Africa said some parts of its business would remain idle until demand recovered, including placing the melting operations at its Vereeniging Works on care and maintenance from the third quarter.

The company said it expected steel demand to be at between 70% to 75% of pre-lockdown levels for the foreseeable future.

"On the back of a demanding 2019, the first half of 2020 proved to be incredibly difficult with the widespread health, social and business impact brought about by the global COVID-19 pandemic," ArcelorMittal South Africa Chief Executive Kobus Verster said.

The steel producer, which has long battled against cheap imports, rising costs and a flagging local economy, said last month it had begun talks to cut an unspecified number of jobs as it slashes costs to deal with the impact of the pandemic.

Job cuts are politically sensitive in a country where unemployment stands at a record high of about 30%.

During the period, liquid steel production fell 54% to 1.1 million tonnes and sales volumes dropped 47% to 1.1 million tonnes.

The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell from a profit of 167 million rand to a loss of 1.256 billion rand.

(Reporting by Tanisha Heiberg; Editing by Edmund Blair)

Stocks mentioned in the article
ChangeLast1st jan.
ARCELORMITTAL -2.47% 9.848 Delayed Quote.-35.48%
ARCELORMITTAL SOUTH AFRICA LTD -6.12% 0.46 End-of-day quote.-61.34%
DOW JONES AFRICA TITANS 50 INDEX 0.08% 482.34 Delayed Quote.-9.64%
DOW JONES SOUTH AFRICA(ZAR) -1.50% 1699.88 Delayed Quote.-3.79%
S&P AFRICA 40 INDEX -0.30% 161.46 Delayed Quote.-5.94%
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Financials
Sales 2020 29 812 M 1 690 M 1 690 M
Net income 2020 -3 109 M -176 M -176 M
Net Debt 2020 5 650 M 320 M 320 M
P/E ratio 2020 -
Yield 2020 -
Capitalization 503 M 28,7 M 28,5 M
EV / Sales 2020 0,21x
EV / Sales 2021 0,20x
Nbr of Employees 8 379
Free-Float 22,3%
Chart ARCELORMITTAL SOUTH AFRICA
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ArcelorMittal South Africa Technical Analysis Chart | ACL | ZAE000134961 | MarketScreener
Technical analysis trends ARCELORMITTAL SOUTH AFRICA
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 2
Average target price 1,00 ZAR
Last Close Price 0,46 ZAR
Spread / Highest target 249%
Spread / Average Target 118%
Spread / Lowest Target -13,0%
EPS Revisions
Managers
NameTitle
Hendrik Jacobus Verster Chief Executive Officer & Executive Director
Paul Mpho Makwana Independent Non-Executive Chairman
Jake Olivier Chief Operating Officer
Avinash Desmond Maharaj Chief Financial Officer & Executive Director
Vasco de Sousa Chief Information Officer
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