By Reuters
ArcelorMittal South Africa said on Thursday it is still on track to close its loss-making long steel operations in September, as talks with the government have not provided a solution.
The steelmaker also posted a half-year headline loss of 1.014 billion rand ($56.4 million), slightly narrower than a 1.1 billion rand loss reported previously, on persistently low sales volumes and low prices.
Its revenue fell 17% to 17 billion rand and sales volumes declined 11% to 1.05 million metric tons due to weak demand from key steel consuming sectors in South Africa.
ArcelorMittal South Africa has twice deferred the closure of its long steel plants in Newcastle and near Johannesburg, initially announced in November 2023, to allow talks with the government aimed at saving 3,500 direct jobs.
“In the absence of a sustainable solution, the final wind-down of the longs business remains scheduled for 30 September 2025,” the company said
You’ve reached your free article limit
Subscribe to enjoy unlimited access to trusted journalism. Cancel anytime.
Subscribe nowNeed help? molokom@insidepolitic.co.za
