Tag: arcelormittal south africa

ArcelorMittal SA reports half-year loss as steel demand falls

Steel producer ArcelorMittal South Africa has reported an interim headline loss of R2.6 million due to the decrease in demand for steel and a complete shutdown of operations during lock-down, and some parts of its business will continue to remain closed until demand picks up. The company announced last month that large scale retrenchments will be taking place as a result of cost cutting strategies. ArcelorMittal South Africa CEO, Kobus Verster joins CNBC Africa for more.