arcelormittal south africa

The company said it expected steel demand to be at between 70% to 75% of pre-lockdown levels for the foreseeable future. Johannesburg, Jul 31 (PTI) ArcelorMittal South Africa (AMSA), the South African subsidiary of Lakshmi Mittal's global steel empire, has reported a headline loss of R2 613 million for the first six months of the year, compared to a loss of R638 million in the previous year, largely due to the impact of the COVID-19 pandemic. 'On the back of a demanding 2019, the first half of 2020 proved to be incredibly difficult with the widespread health, social and business impact brought about by the global COVID-19 pandemic,' Kobus Verster, Chief Executive Officer of AMSA, said as the company released its results on Wednesday.

Visit the official website of ArcelorMittal South Africa. ArcelorMittal South Africa said some parts of its business would remain idle until demand recovered, including placing the melting operations at its Vereeniging Works on care and maintenance from the third quarter. We are uniquely place to make a positive difference in the lives of our communities ArcelorMittal reject the allegations made in each of these cases and is, accordingly, defending itself. ArcelorMittal South Africa will announce its full year results on 6 February 2020
ArcelorMittal South Africa | 53,652 followers on LinkedIn | ArcelorMittal South Africa Limited is the largest steel producer on the African continent, with a production capacity of 7.8 million tonnes of liquid steel per annum. We produce a range of high grade products such as slab, plate, hot rolled coil, cold rolled sheets, electrolytically galvanised coil, galvanised and colour coil and tinplate.

'The global threat of the fast-spreading virus had already started reducing demand before COVID-19 hit our shores, while at the same time we anticipated another sovereign downgrade,' he said.AMSA said that the unprecedented and rapid shutdown of ArcelorMittal South Africa’s assets was done safely and in a manner that would enable a swift but well-controlled restart.“Taking lessons from other parts of the ArcelorMittal group allowed us to rapidly implement a response plan to protect our people, assets and financial lifelines,” said Verster.After reassessing its strategic asset footprint, AMSA modified its operational capacity with some parts of the business remaining idle until demand recovers.Anticipating that steel demand will, for the foreseeable future, remain at between 70 per cent and 75 per cent of levels planned before the lockdown, AMSA also announced a large scale labour reorganisation.“While we are extremely conscious of the serious unemployment situation facing the country, we must find ways to secure significant cost savings if the business is going to survive,” Verster said.AMSA also lamented the volatility of the ZAR/USD exchange as well as continued increases in electricity, port and rail tariffs, which added R138 million of additional costs against the comparable period.But AMSA also cautiously voiced some optimism about the immediate future.The company said that within the current risk-adjusted approach, it anticipated that sales volumes should improve against a very weak first half but, even so, these levels would be notably below historic levels.“We have heard repeatedly that infrastructure investment and development will be a key enabler of economic recovery and this must be addressed with urgency if businesses are to deliver inclusive economic growth,” he said.“We are ensuring that our business is well-positioned to take advantage of the post-Covid-19 economic recovery,” concluded Verster.AMSA was born out of the state-owned steel manufacturer Iscor that Lakshmi Mittal first rescued from closure and then bought out as he expanded his global steel acquisitions almost two decades ago. After a series of strikes in the 1930s and 1940s, the company provided white workers with cheap housing, generous pensions and health insurance. At least for now. PTI FH MKJNo matches, limited funds, job cuts — How Coronavirus has impacted blind cricket in IndiaEx-South Africa skipper Smith hits back at race bias claimsExclusive: U.S. recruits scientists abroad for COVID-19 vaccine trials, pledges access to supplyDlamini: Ex-Amajita starlet replaces former Orlando Pirates midfielder Morton at AmaZulu FCSushant Singh Rajput-Rhea Chakraborty's Unseen Pictures From Italy Go Viral; Fans Lose CoolAfter Kriti Sanon, Varun Dhawan Demands CBI Inquiry for Sushant Singh Rajput, Posts #CBIforSSRNicole Scherzinger performs goofy dance next to Thom Evans in adorable TikTokPenny Stocks: Accel India gains 172 per cent in one month9 Photos Showing What 'Covid Fingers And Toes' Can Look Like

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