ARCELORMITTAL SOUTH AFRICA LIMITED
Shareholders are advised that Arcmittal is finalising its reviewed condensed consolidated financial statements for the six months ended 30 June 2017.
It should be noted that the loss per share is expected to increase from 44 cents per share to a loss within a range of 198 and 207 cents per share (350% and 370% change) when compared to the prior year. The headline loss per share is also expected to increase from 45 cents per share to a headline loss per share within a range of 143 and 152 cents per share (218% and 238% change), when compared to the prior year
The higher loss was primarily due to the lower margins. The higher steel prices did not fully compensate for the higher raw material costs namely coal and iron ore. Operational incidents; impairments and the strengthening of the rand against the US dollar also negatively impacted our results.
In order to address these challenges the Company is in the process of exploring several initiatives, include additional cost cutting interventions, assessing the profitability of various product lines and the implementation of structural changes in the next 6 months. Further information will be provided as soon as the necessary investigations and decisions have been finalised.
The Group's reviewed condensed consolidated financial statements for the six months ended 30 June 2017 will be released on the Stock Exchange News Service of the JSE on 27 July 2017 with a presentation in Johannesburg on the same day. The presentation will be available for all stakeholders on the Group's website at www.arcelormittalsa.com
It should be noted that the loss per share is expected to increase from 44 cents per share to a loss within a range of 198 and 207 cents per share (350% and 370% change) when compared to the prior year. The headline loss per share is also expected to increase from 45 cents per share to a headline loss per share within a range of 143 and 152 cents per share (218% and 238% change), when compared to the prior year
The higher loss was primarily due to the lower margins. The higher steel prices did not fully compensate for the higher raw material costs namely coal and iron ore. Operational incidents; impairments and the strengthening of the rand against the US dollar also negatively impacted our results.
In order to address these challenges the Company is in the process of exploring several initiatives, include additional cost cutting interventions, assessing the profitability of various product lines and the implementation of structural changes in the next 6 months. Further information will be provided as soon as the necessary investigations and decisions have been finalised.
The Group's reviewed condensed consolidated financial statements for the six months ended 30 June 2017 will be released on the Stock Exchange News Service of the JSE on 27 July 2017 with a presentation in Johannesburg on the same day. The presentation will be available for all stakeholders on the Group's website at www.arcelormittalsa.com
ArcelorMittal South Africa Limited published this content on 20 July 2017 and is solely responsible for the information contained herein.
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