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ArcelorMittal SA sheds R19bn in market value
Shares in ArcelorMittal SA slid an additional 5% to fresh multi-year lows on Tuesday (20 November)‚ wiping off R19bn of its market value since the start of this year.
The company is battling weak domestic and global steel demand‚ de-stocking and higher input costs.
"ArcelorMittal SA is probably one of the worst performers this year. It is a cyclical counter which depends largely on the performance of the economy‚" said David Shapiro‚ director at Sasfin Securities.
"Activity in the mining and manufacturing sectors locally remain weaker while government's multi-billion rand infrastructure programme has not really taken off," he said.
Meanwhile the company announced that Matthias Wellhausen - who is currently the vice president of finance and controlling and chief financial officer of ArcelorMittal Group for the segment of Asia‚ Africa and CIS - will replace Rudolph Torlage as the new chief financial officer. Torlage will focus on strategic projects.
Source: I-Net Bridge
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