The share price dropped as much as 6% to below R5 a share after the company said its headline loss per share in the six months to June was expected to be between R1.43 and R1.52, a widening of between 218% and 238% from the corresponding period a year ago.
The South African unit of the Luxembourg-based ArcelorMittal blamed the poor performance on higher costs of raw materials, mostly coal and iron ore, as well as unspecified impairments and a stronger rand.
To help mitigate the situation, ArcelorMittal SA said it was exploring several initiatives, which included cutting costs and assessing the viability of various product lines.
The company's market cap is now at R5.8bn, from more than R35bn in 2010.
Source: BDpro
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
