ArcelorMittal SA swings back to profit

Comment on this story


ArcelorMittalPlant

Supplied.

Arcelor Mittal steel foundry. Photo: Arcelor.

Johannesburg - ArcelorMittal South Africa said on Friday it returned to profit in the first quarter from a year ago as it benefited from higher production and better prices.

Africa's largest steel maker said headline earnings totalled 81 cents a share for the quarter to end-March from a loss of 67 cents in the same quarter last year.

Liquid steel production for the quarter was 1.24 million tonnes from an output of 1.028 million tonnes in the same period in 2013.

The company said in a statement that it expects higher production costs in the second quarter of this year and for the market to remain subdued.

“We expect this to negatively impact our results,” it said. - Reuters


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks