ArcelorMittal SA expects a wider headline loss per share of 96-104c for H1 2024, vs 40c in H1 2023.
- Weak domestic demand and operational issues at Vanderbijlpark’s blast furnaces contributed to the expected loss.
- Global steel production was flat in the first five months of 2024, while China’s steel exports continue to pressure international markets.
- SA’s economic activity remained stagnant in Q1, with local primary steel exports increasing by 13%.
- The group’s longs steel product operations were stable, but flats steel product business faced instability due to blast furnace issues.
- The company lost two weeks of sales volumes due to operational interruptions but plans to recover them in H2 2024.
- Management has decided to continue operating the longs business for up to six months to explore sustainability initiatives