ArcelorMittal pessimistic about the future

She says that the construction sector has not made a contribution to South Africa's gross domestic product this year and there are poor prospects for it for the rest of the year. The construction sector is a major consumer of steel and this has resulted in ArcelorMittal's profit dropping by 60% year-on-year.

In addition, Times Live reports that high energy costs were up by 25% to R600-million for the six months to June and this, combined with a sharp rise in raw material costs has weighed heavily on the company's figures.

ArcellorMittal declared an interim dividend of 55 cents a share

Read more:

• Business Report: Gloomy outlook for SA steel giant

• Times Live: Electricity price rises hurt ArcelorMittal