ArcelorMittal South Africa Expects Lower 2019 Earnings
January 23 2020 - 11:25AM
Dow Jones News
By Kim Richters
The South African subsidiary of steelmaker ArcelorMittal (MT.AE)
said Thursday that its 2019 earnings will be considerably lower
than the previous period due to "an exceptionally difficult
year."
ArcelorMittal South Africa Ltd. (ACL.JO) said its headline
earnings for 2019 will decline by at least 4.3 billion South
African rand ($298.3 million) compared with the year earlier and
fall to a loss. In 2018, the company reported headline earnings of
ZAR968 million.
Attributable profit for the year will decrease by at least
ZAR6.1 billion and fall to a loss, the company said, while profit
for 2018 was ZAR1.37 billion.
"The 2019 financial year unexpectedly represented the most
challenging year since the global financial crisis for the world
steel industry, and an exceptionally difficult year for the South
African economy and ArcelorMittal South Africa," the company
said.
The company's results will be published Feb. 6.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
January 23, 2020 11:10 ET (16:10 GMT)
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