JOHANNESBURG - Steel producer ArcelorMittal South Africa (AMSA) is expecting to report a R650 million decrease in headline earnings for the six months ending June 30, as a result of a difficult trading environment in the country.
In a trading statement on Monday, ArcelorMittal South Africa said that this decrease would result in headline earnings per share declining by at least 59 cents, from five cents per share to a headline loss per share within a range of 53 and 63 cents per share.
Headline earnings for the same period in 2018 was R54 million.
After admitting to a difficult trading environment earlier this month, AMSA said a decrease in international steel prices coupled with the increase in cost of electricity, rail transport and raw material had further contributed to these challenges.
AMSA will release its interim results for the first six months later this week.