👷🏻♀️ArcelorMittal SA faces an uphill battle as load shedding and debt take a toll on profits📉leading to an estimated loss of 30-38 cents per share💸 ArcelorMittal loadshedding BusinessNews TheCitizenNews Find out more⬇️
Part of the problem the group faces is rising debt. At the December 2022 year-end, net debt was R2.8 billion, up from R1.26 billion the prior year. Net finance charges increased nearly 200% to R758 million for the 2022 financial year due to high interest rates and deferred interest payments.
The latest trading update says the anticipated release of working capital has been more difficult than anticipated, resulting in debt levels remaining high. It says remedial actions are underway to improve net borrowings in the wake of the weaker-for-longer steel trading environment in the region. Headline earnings per share are expected to decline from a positive R2.71 for the previous comparable period to a headline loss per share within a range of 38 cents and 46 cents., the company expected to be able to release working capital in the first half of 2023 by adopting a flexible stance to plant utilisation, though the latest trading update makes it clear this did not go according to plan.
Also weighing on performance is the high cost of coking coal used in smelting, which was up 62% in US dollar terms in 2022, and the flaccid domestic economy.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ArcelorMittal blames load shedding and high debt for expected lossArcelorMittal says remedial actions are underway to improve net borrowings. Moneyweb CompanyNews
Read more »
COMPANIES: ArcelorMittal SA shares crash after headline earnings expected to tumble into red on rolling blackoutsArcelorMittal’s South African share price sank by more than 40% on Tuesday after the steelmaker said it expected interim headline earnings to tumble into a loss in the face of the surge in rolling blackouts. ArcelorMittal is not a huge company in JSE terms, but South Africa’s economy can hardly industrialise without its product.
Read more »
Here's why you should be careful what you share with ChatGPT | The CitizenBut ChatGPT also accesses more technical data – your IP address, browser and location. And it collects everything you type, i.e. all your prompts. Read more here 👇
Read more »
'Emotional blackmail' − mixed reactions to Lady Zamar's Twitter meltdown | The Citizen'We need to forgive her' 🙏🏻😭 Lady Zamar can't seem to catch a break on her drama with Sjava as fans of both go head-to-head. Do you think its time for Mzansi to move on? LadyZamar Sjava gbv stopgbv TheCitizenLifestyle Read the story⬇️
Read more »
Gift of the Givers' final plea to Al-Qaeda to release Gerco van Deventer | The Citizen🕊️Gift of the Givers makes final plea to al-Qaeda to release SA paramedic Gerco van Deventer, who has been detained for over 5 years😰 AlQaeda terrorism TheCitizenNews Read the story⬇️
Read more »
Wimbledon in 10 highlights: Rain, records and royals | The CitizenRain, records, and royals 🌧️📊👑 made this year's WimbledonFinal unforgettable. Here are the top highlights that saw Carlos Alcaraz and Marketa Vondrousova emerge as new champions🌎🎾🏆 Tennis Wimbledon TheCitizenSport CarlosAlcaraz Read the story⬇️
Read more »