In its recent trading update, released on Friday 22 July, steel company ArcelorMittal SA said that when it releases its results on 29 July for the six months to end-June, it anticipates reporting that its interim headline loss per share widened by as much as 75%, its headline loss per share having deteriorated to between 43c and 47c.
- ArcelorMittal CEO Paul O'Flaherty resigns.
- Dean Subramanian, ArcelorMittal CFO, appointed Acting CEO.
- ArcelorMittal benefits from better steel prices.
ArcelorMittal said in its trading statement:
"The local steel industry continues to be threatened by imports entering the market, primarily from China, despite the positive progress made on duties to date. Based on the current initiatives, and with the expectation that the safeguard duties will be in place by the end of the third quarter in 2016 - or shortly thereafter - the board remains of the view that there is a reasonable prospect of the company returning to profitability in the medium term."
Despite the decrease, this would be an actual improvement from the six months to end-December, when the company's headline loss was R13.11 per share.
