ArcelorMittal’s share price took a knock on Tuesday morning after the steelmaker announced that its losses for the six months ended June 2024 would worsen compared to the previous reporting period.
The steelmaker expects its headline loss per share to be between R0.96 and R1.04, compared to R0.40 in the corresponding period in 2023.The company reported ‘significant instability’ at its Vanderbijlpark blast furnaces, which produce flat steel products, during April and May 2024 due to chilled hearth conditions.
ArcelorMittal said procurement supply chains were sharply contracted, and short working hours were applied at semi-idled plants to manage fixed cost levels.
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