CEO of ArcelorMittal South Africa Says It Important to Restructure the Financial Position of the Company
The biggest steel maker of South Africa, ArcelorMittal SA said that the steel manufacturer is falling prey to the unusually low prices of steel prices and weak demands in the overseas markets. That is not the end of trouble for the company as an influx of cheap imports also makes it face troubles. It plans to raise close to R4.5billion through a rights offer which will be underwritten by the parent company.
Paul O'Flaherty ArcelorMittal SA's CEO warned of a "bloodbath year" signaling that there could be a requirement of thirty to sixty percent anti-dumping duties on certain Chinese steel products in order to sustain the operations of the cash-strapped steel maker.
ArcelorMittal SA is which expects to post yearly loss of greater than R6 a share which is about eleven times more as compared to what was noted in the previous year, in the financial year which will end in December.
Paul O'Flaherty referred to the difficult trading environment that has led to net losses in four consecutive years saying "..it has become critical to restructure the financial position of the company".
New Zealand News
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