ArcelorMittal Slips After Trading Update

On Tuesday morning, the steelmaker’s share price plummeted 14% to R1.06, but gained 2% and recovered to a 12% loss from Monday.
This came after the group reported it would record worse losses than it previously did.
Headline losses per share are expected to come in between R0.96 and R1.04. They were R0.40 in the comparative 2023 period.
ArcelorMittal said “The financial results for the six months ended 30 June 2024 will be negatively impacted by the difficult domestic and regional trading conditions and by the two-week sales volume impact and high direct cost of the operational interruptions of the two blast furnaces at Vanderbijlpark.”
The company’s Blast Furnace C and Blast Furnace D are now operational after a three-week and five-week outage, respectively.
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