9,367.77 TRY BIST 100 BIST 100
4.79 CNY CNY CNY
34.56 USD USD USD
36.19 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
41.35 TRY Interest Interest
74.24 USD Fossil Oil Fossil Oil
30.90 USD Silver Silver
4.09 USD Copper Copper
100.80 USD Iron Ore Iron Ore
365.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,982.57 TRY Gold (gr) Gold (gr)

ArcelorMittal South Africa's profits decreased

ArcelorMittal South Africa's profits decreased by 62% due to lower steel prices.

ArcelorMittal South Africa's profits decreased

The company said full-year profit declined 62% due to weak steel prices and demand at a time when costs were driven by rising prices for key resources like coal.

ArcelorMittal South Africa, "Globally, steel prices fell faster than raw materials, especially in the second half of the year." said.

On the other hand, international prices of coking coal, a key component in steelmaking, rose 62% year-on-year in dollar terms.

Steel consumption in South Africa fell 12% last year to 4 million tons, driven by low market activity in the main steel-consuming sectors, high market inventories required for unloading, project delays due to rising interest rates, and a general weakening in business.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

South Korea's crude steel production decreased by 18.3% in October

Friday, November 22, 2024

SSAB and Saint-Gobain's slag reprocessing plant in Raahe progresses

Friday, November 22, 2024

US Steel Producer partners with Primetals Technologies for EAF Ultimate

Friday, November 22, 2024

Imported scrap prices on the decline, demand stagnant!

Friday, November 22, 2024

Roadmap for India’s steel sector: Demand, imports and future plans

Friday, November 22, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now