ArcelorMittal South Africa warns of losses on the back of long steel impairment charge

Primary steel producer ArcelorMittal South Africa expects to report a 238% to 261% year-on-year decrease in earnings per share (EPS) for the year ended December 31, owing to a R2.1-billion impairment charge on the company’s long steel operations and a challenging local trading environment.

The steel producer says it is likely to report a loss a share of between R3.25 and R3.80, compared with EPS of R2.36 reported for 2022.