ArcelorMittal South Africa Earnings Down As Demand Dwindles
03 November 2011 - 8:01AM
Dow Jones News
ArcelorMittal South Africa Ltd. (ACL.JO) Thursday reported a
loss in third-quarter earnings on a drop in demand and rising
costs, but said the fourth quarter should bring better results due
to an increase in steel prices.
ArcelorMittal South Africa, an arm of steelmaker ArcelorMittal
(MT), said conditions in the quarter ending Sept. 30 "deteriorated
markedly."
The company posted a loss in headline earnings, a common measure
of profit in South Africa that strips out a number of one-time
items, of 460 million rand for the quarter compared to a gain of
ZAR68 million the year before. The company said steel shipments
also fell by 1%.
ArcelorMittal said that, in the last quarter of the year,
production volumes should rise along with steel prices and that
should lead to an improvement in earnings.
The company said the arbitration between itself and Kumba Iron
Ore Ltd. (KIO.JO) over a disputed supply agreement following the
loss of ArcelorMittal's mining right to the Sishen iron ore mine is
scheduled for May 2012. The outcome of the hearing between the
Department of Mineral Resources in South Africa and joint
respondents Kumba and ArcelorMittal over the lost Sishen right is
still outstanding.
-By Devon Maylie, Dow Jones Newswires; +27117837848;
devon.maylie@dowjones.com
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