ArcelorMittal benefits from better steel prices
Steel company ArcelorMittal South Africa has said it expects its overall liquidity to "normalise at acceptable levels". This following a price increase in the first quarter of this year. The company said in a statement:
"Following the recent increases in international steel prices, and subsequent steel-price increases by the company, it is anticipated that overall liquidity will normalise at acceptable levels."
Higher international steel prices have helped the company to boost local prices, as well as to diminish the attractiveness of cheaper Chinese imports. Despite this, the company has said market conditions will remain difficult.
According to ArcelorMittal, the company's total steel sales rose 3.1% to 1.1 million metric tons in the first quarter, while liquid-steel production dropped 9% to 1.2 million tons.