The world’s largest steelmaker, ArcelorMittal’s South African business saw operating profits decreasing in its half year results from a profit of R1 224 million to a loss of R222 million. The company cited that the global and local steel industry is a significant hindrance to its business with steel consumption in South Africa hitting a 10 year low at 70 per cent. CNBC Africa’s Fifi Peters sat down Kobus Verster, CEO of ArcelorMittal.
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