ArcelorMittal SA extends losses

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SteelWorker Reuters File photo.

Johannesburg - Shares of ArcelorMittal South Africa extend losses, falling nearly 3 percent, after the steel producer says it would declare force majeure following the shut down of its Vanderbijlpark plant due to a fire.

The unit of global steelmaker ArcelorMittal says the fire at the plant on Saturday caused extensive damage, adding further strain to the struggling company.

The company last week said its full-year loss widened as domestic steel sales fell and commercial coke sales declined.

The shares are down 2.6 percent at 32.26 rand after dropping 6.76 percent to close at 33.12 rand on Monday. - Reuters


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