Down substantially again this year, is ArcelorMittal now worth buying?
Steel manufacturer ArcelorMittal has seen its shares fall from a high just over €33 to around €22.40 within the past year.
Steel manufacturer ArcelorMittal has seen its shares fall from a high just over €33 to around €22.40 within the past year.
In mid-2020, ArcelorMittal SA was on the ropes, with critics predicting it was only a matter of weeks before the long-time loss-making company hit the wall.
NEASA’s Gerhard Papenfus joined BizNews to discuss why he says “government’s continued protection of ArcelorMittal SA is just another ideological blunder.”
ArcelorMittal seems to be blaming the cuts firmly on domestic problems in SA. But this isn’t entirely fair.
Gerhard Papenfus says the Metal and Engineering Industry Bargaining Council has itself to blame for its demise. It has created insurmountable obstacles in creating jobs.
Sasfin says two statements recently published by trade union Solidarity with regard to proceedings between the company and Highveld Steel are factually incorrect.
The business rescue team at Evraz’s distressed South African unit is considering closing the steelmaker’s operations, placing more than 2,100 jobs at risk.
Iron ore prices are likely to post the biggest loss among metals this year as low-cost supply continues to outstrip consumption, says the World Bank.
Steel firm ArcelorMittal South Africa launched the rights issue last November as it battled falling steel demand, cheap imports and higher costs.
A private Chinese manufacturing gauge fell to the lowest in 6 1/2 years, underscoring challenges facing the nation’s factories as the economy’s old growth engines splutter.