Wrap Text
ACL - ArcelorMittal South Africa Limited - Reviewed group interim financial
results for the six months ended 30 June 2009
ArcelorMittal South Africa Limited
(Incorporated in the Republic of South Africa)
Registration number: 1989/002164/06
Share code: ACL ISIN: ZAE 000134961
("ArcelorMittal South Africa", "the company" or "the group")
The lifeblood of a developing nation
Reviewed group interim financial results for the six months ended 30 June 2009
Revenue down by 35% to R12 billion
Loss from operations of R322 million
Headline loss of R844 million
Condensed group income statement
Six months ended Year ended
30 June 09 30 June 08 31 December 08
Reviewed Reviewed Audited
Rm Rm Rm
Revenue 11 960 18 403 39 914
Raw materials and consumables (6 903) (8 078) (18 556)
used
Employee costs (1 310) (1 254) (2 598)
Energy (784) (753) (1 474)
Movement in inventories of (1 062) 798 1 844
finished goods and work in
progress
Impairment charge (121)
Depreciation (572) (657) (1 310)
Amortisation of intangible (6) (5) (12)
assets
Other operating expenses (1 645) (3 099) (5 528)
(Loss)/profit from operations (322) 5 355 12 159
(Losses)/gains on changes in (695) 377 637
foreign exchange rates and
financial instruments (Note 4)
Interest income 183 142 318
Finance costs (Note 5) (141) (27) (238)
Income from investments 1 1 3
Income from equity-accounted 41 392 331
investments (net of tax)
Impairment reversal 36
(Loss)/profit before tax (933) 6 240 13 246
Income tax expense (Note 6) 85 (1 669) (3 865)
(Loss)/profit for the period (848) 4 571 9 381
Attributable to:
Owners of the company (848) 4 571 9 381
(Loss)/earnings per share
(cents)
- basic (190) 1 025 2 105
- diluted (190) 1 022 2 097
Condensed group statement of comprehensive income
Six months ended Year ended
30 June 09 30 June 08 31 December 08
Reviewed Reviewed Audited
Rm Rm Rm
(Loss)/profit for the period (848) 4 571 9 381
Other comprehensive income
Exchange differences on (318) 204 591
translation of foreign
operations
Loss on available-for-sale (12) (71)
investment taken to equity
Movement in gains or losses 117 36 (91)
deferred to equity on cash
flow hedges
Income tax on (33) (11) 25
(expenses)/income taken
directly to equity
Total comprehensive (1 082) 4 788 9 835
(loss)/income for the period
Attributable to:
Owners of the company (1 082) 4 788 9 835
Condensed group statement of financial position
As at As at
30 June 09 30 June 08 31 December 08
Reviewed Reviewed Audited
Rm Rm Rm
Assets
Non-current assets 18 321 17 682 18 159
Property, plant and equipment 15 981 15 724 15 917
Intangible assets 66 63 71
Unlisted equity-accounted 2 062 1 658 1 968
investments (Note 7)
Other financial assets 212 237 203
Current assets 11 658 15 736 19 276
Inventories 5 863 6 208 8 642
Trade and other receivables 2 625 4 537 2 031
Other financial assets 163 147 174
Cash and cash equivalents 3 007 4 844 8 429
Total assets 29 979 33 418 37 435
Equity and liabilities
Shareholders` equity 21 360 24 402 27 995
Stated capital 37 37 37
Non-distributable reserves (2 616) 1 271 1 503
Retained income 23 939 23 094 26 455
Non-current liabilities 4 751 4 436 4 774
Borrowings and other payables 31 41 46
Finance lease obligations 623 317 314
Deferred income tax liability 2 301 2 475 2 526
Provision for post-retirement 8 7 9
medical costs
Non-current provisions 1 788 1 596 1 879
Current liabilities 3 868 4 580 4 666
Trade and other payables 3 245 4 142 3 384
Borrowings and other payables 10 10 33
Finance lease obligations 38 68 40
Other financial liability 39 29 157
Taxation 310 53 780
Current provisions 226 278 272
Total equity and liabilities 29 979 33 418 37 435
Notes to the reviewed condensed consolidated financial statements
1. Basis of preparation
The condensed consolidated interim financial statements have been
prepared in compliance with the Listings Requirements of the JSE
Limited, International Accounting Standard (IAS) 34, Interim
Financial Reporting and Schedule 4 of the South African Companies
Act, No. 61 of 1973, as amended.
2. Significant accounting policies
The condensed consolidated interim financial statements have been
prepared using accounting policies that comply with International
Financial Reporting Standards. The accounting policies and methods
of computation applied in the presentation of the interim financial
statements are consistent with those applied for the year ended 31
December 2008.
3. Independent review by the auditors
The condensed consolidated interim results have been reviewed by
our auditors, Deloitte & Touche in accordance with International
Standard on Review Engagement 2410. Their unmodified review report
is available for inspection at the registered office of the
company.
Six months ended Year ended
30 June 09 30 June 08 31 December 08
Reviewed Reviewed Audited
Rm Rm Rm
4. (Losses)/gains on changes (695) 377 637
in foreign exchange rates
and financial instruments
Gains on changes in 105 394 901
foreign exchange rates
Losses on changes in (777) (15) (256)
foreign exchange rates
(Losses)/gains on changes (7) (3) 2
in the fair value of
derivative instruments
designated as fair value
through profit or loss
Fair value (losses)/gains (16) 1 (10)
transferred from equity
on ineffective derivative
instruments designated as
cash flow hedges
5. Finance costs 141 27 238
Interest expense on bank 5 12 13
overdrafts and loans
Fees on loan facilities 15
Interest expense on 38 22 46
finance lease obligations
Discounting rate (15) 8
adjustment of the non-
current provision
Unwinding of the 98 (7) 171
discounting effect in the
present valued carrying
amount of non-current
provisions
6. Income tax expense
Income tax is accrued
based on the estimated
average annual effective
income tax rate of -9.1%,
including STC (Six months
ended 30 June 2008:
26.7%)
7. Unlisted equity-accounted
investments
Directors` valuation of 2 327 1 774 2 001
unlisted equity accounted
investments
8. Dividend paid
Cash dividend 1 627 874 2 398
9. Capital expenditure
- incurred 339 857 1 832
- authorised and 658 1 169 930
contracted
- authorised but not 845 1 237 1 227
contracted
10. Contingent liabilities 705 736 705
- guarantees 1 32 1
- amounts in legal trust 12 12 12
accounts
- litigation and claims 692 692 692
11. Operating lease 114 132 156
commitments
- less than one year 69 46 79
- more than one year and 45 86 77
less than five years
12. Related-party transactions
The group is controlled by Mittal Steel Holdings A.G. which owns
52.02% of the company`s shares. During the period the company and
its subsidiaries, in the ordinary course of business, entered into
various sale and purchase transactions with associates and joint
ventures. These transactions occurred under terms that are no less
favourable than those arranged with third parties.
13. Corporate governance
The group fully supports the Code on Corporate Practices and
Conduct as contained in the second King Report on Corporate
Governance.
Unaudited supplementary physical information (`000 tonnes)
Six months ended Year ended
30 June 09 30 June 08 31 December 08
Flat Carbon Steel Products
Liquid steel production 1 526 2 250 4 084
Sales 1 347 1 832 3 412
Long Carbon Steel Products
Liquid steel production 851 841 1 690
Sales 721 898 1 677
Total
Liquid steel production 2 377 3 091 5 774
Sales 2 068 2 730 5 089
- domestic 1 389 2 391 4 375
- export 679 339 714
Domestic sales as percentage 67 88 86
of total sales (%)
Group statement of changes in equity
Non-distributable reserves
Stated Treasury Capital Management Share- Attributable
capital reserve redemption share based reserves of
Rm Rm reserve trust payment equity-
Rm Rm reserve accounted
Rm investments
Rm
Balance at 1 37 23 (149) 62 820
January 2008
Total
comprehensive
income for
the period
(net of
income tax)
Management (108)
share trust:
net treasury
share
purchases
Share options 13
charge:IFRS 2
Dividend
Transfer of 392
equity-
accounted
earnings
Balance at 37 23 (257) 75 1 212
30 June 2008
(reviewed)
Total
comprehensive
income for
the period
(net of
income tax)
Management 50
share trust:
net treasury
share
purchases
Share options 20
charge: IFRS
2
Dividend
Transfer of (75)
equity-
accounted
losses
Balance at 31 37 23 (207) 95 1 137
December 2008
(audited)
Total
comprehensive
income for
the period
(net of
income tax)
Management (2)
share trust:
net treasury
share
purchases
Share options 17
charge:IFRS 2
Dividend
Share of non-
distributable
reserves of
equity-
accounted
investments
Repurchase of (3 918)
shares
Transfer of 41
equity-
accounted
earnings
Balance at 37 (3 918) 23 (209) 112 1 178
30 June 2009
(reviewed)
Group statement of changes in equity
Non-distributable reserves
Non- Financial Trans- Cash flow Re- Total
distribut- assets lation hedge tained Share-
able available- of foreign account- income holders`
reserves for-sale operations ing Rm equity
of equity Rm Rm Rm Rm
accounted
investments
Rm
Balance at 1 62 (7) (54) 19 789 20 583
January 2008
Total (12) 204 25 4 571 4 788
comprehensive
income for
the period
(net of
income tax)
Management (108)
share trust:
net treasury
share
purchases
Share options 13
charge:IFRS 2
Dividend (874) (874)
Transfer of (392)
equity-
accounted
earnings
Balance at 50 197 (29) 23 094 24 402
30 June 2008
(reviewed)
Total (59) 387 (91) 4 810 5 047
comprehensive
income for
the period
(net of
income tax)
Management 50
share trust:
net treasury
share
purchases
Share options 20
charge:IFRS 2
Dividend (1 524) (1 524)
Transfer of 75
equity-
accounted
losses
Balance at 31 (9) 584 (120) 26 455 27 995
December 2008
(audited)
Total (318) 84 (848) (1 082)
comprehensive
income for
the period
(net of
income tax)
Management (2)
share trust:
net treasury
share
purchases
Share options 17
charge:IFRS 2
Dividend (1 627) (1 627)
Share of non- (23) (23)
distributable
reserves of
equity-
accounted
investments
Repurchase of (3 918)
shares
Transfer of (41)
equity-
accounted
earnings
Balance at (23) (9) 266 (36) 23 939 21 360
30 June 2009
(reviewed)
Condensed group statement of cash flows
Six months ended Year ended
30 June 09 30 June 08 31 December 08
Reviewed Reviewed Audited
Rm Rm Rm
Cash (out)/inflows from operating (119) 1 347 5 511
activities
Cash generated from operations 2 051 3 849 10 939
Interest income 183 142 318
Finance cost (58) (34) (59)
Dividend paid (Note 8) (1 627) (874) (2 398)
Income tax paid (640) (1 757) (3 087)
Realised foreign exchange movement (28) 21 (202)
Cash outflows from investing (743) (854) (1 813)
activities
Investment to maintain operations (235) (629) (1 413)
Investment to expand operations (104) (228) (419)
Proceeds from disposals of 2 2
property, plant and equipment
Investments acquired in associate (405)
Investment income - interest 1 1 3
Dividend from equity-accounted 14
investments
Net cash (out)/inflow (862) 493 3 698
Cash outflows from financing (3 915) (50) (121)
activities
Repayment of borrowings and finance 3 (50) (121)
lease obligations
Repurchase of shares (3 918)
(Decrease)/increase in cash and (4 777) 443 3 577
cash equivalents
Effect of foreign exchange rate (645) 367 818
changes
Cash and cash equivalents at 8 429 4 034 4 034
beginning of period
Cash and cash equivalents at end of 3 007 4 844 8 429
period
Segment revenue
Six months ended Year ended
30 June 09 30 June 08 31 December 08
Reviewed Reviewed Audited
Rm Rm Rm
Flat Carbon Steel Products
- external sales 7 627 11 305 24 447
- inter-segment sales 128 737 1 066
Long Carbon Steel Products
- external sales 3 901 5 241 11 936
- inter-segment sales 162 514 1 014
Coke and Chemicals
- external sales 432 1 822 3 496
- inter-segment sales 27 37 67
Adjustments and eliminations (317) (1 253) (2 112)
Total revenue 11 960 18 403 39 914
Distributed as:
- Local 9 263 16 651 34 931
- Export
Africa 1 627 1 186 2 752
Europe 57 41 323
Asia 959 478 1 696
Other 54 47 212
All of the segment revenue reported above is from external customers.
Segment (loss)/profit from operations
Six months ended Year ended
30 June 09 30 June 08 31 December 08
Reviewed Reviewed Audited
Rm Rm Rm
Operating (loss)/profit before
depreciation, amortisation and
impairments
- Flat Carbon Steel Products (99) 3 473 8 112
- Long Carbon Steel Products 111 1 572 3 993
- Coke and Chemicals 123 946 1 781
- Corporate and Other 121 26 (284)
Depreciation and amortisation
- Flat Carbon Steel Products (478) (574) (1 105)
- Long Carbon Steel Products (123) (92) (200)
- Coke and Chemicals (28) (19) (38)
- Corporate and Other 51 23 21
Impairment charge
- Long Carbon Steel Products (121)
(Loss)/profit from operations
- Flat Carbon Steel Products (577) 2 899 7 007
- Long Carbon Steel Products (12) 1 480 3 672
- Coke and Chemicals 95 927 1 743
- Corporate and Other 172 49 (263)
(Loss)/profit from operations (322) 5 355 12 159
Segment asset
As at As at
30 June 09 30 June 08 31 December 08
Reviewed Reviewed Audited
Rm Rm Rm
Flat Carbon Steel Products 18 845 20 488 20 198
Long Carbon Steel Products 4 870 5 326 5 097
Coke and Chemicals 1 093 1 177 1 130
Corporate and Other 5 171 6 427 11 010
Total 29 979 33 418 37 435
Salient features
Six months ended Year ended
30 June 09 30 June 08 31 December 08
Reviewed Reviewed Audited
Rm Rm Rm
Reconciliation of earnings before
interest, taxation, depreciation
and amortisation (EBITDA)
(Loss)/profit from operations (322) 5 355 12 159
Adjusted for:
- Impairment charge 121
- Depreciation 572 657 1 310
- Amortisation of intangible assets 6 5 12
EBITDA 256 6 017 13 602
Reconciliation of headline
(loss)/earnings
(Loss)/profit for the period (848) 4 571 9 381
Adjusted for:
- Loss on disposal or scrapping of 5 7 39
assets
- Impairment charge 121
- Impairment reversal (36)
- Tax effect (1) (2) (21)
Headline (loss)/earnings (844) 4 576 9 484
Headline (loss)/earnings per share
(cents)
- basic (190) 1 027 2 128
- diluted (189) 1 023 2 120
Selected ratios (%)
EBITDA margin 2,1 32,7 34,1
Return on ordinary shareholders`
equity per annum
- attributable earnings (6,9) 40,6 38,6
- headline earnings (6,8) 40,7 39,0
Net cash to equity 13,9 19,6 29,8
Share statistics
Ordinary shares (thousands)
- in issue 401 202 445 752 445 752
- weighted average number of shares 445 260 445 752 445 752
- diluted weighted average number 445 675 447 354 447 433
of shares
Share price (closing) (R) 95,50 223,00 88,45
Market capitalisation (Rm) 38 315 99 403 39 427
Net asset value per share (cents) 5 324 5 474 6 280
Dividend per share (cents)
- interim 342 342
- final 365
Financial review
ArcelorMittal South Africa has posted a headline loss of R844 million for the
first six months of 2009, as the depressed market conditions, evident since
September last year, continued to impact on the company`s performance. The
strengthening of the Rand also adversely affected results. The first half loss
compares with a R4 576 million profit for the corresponding period last year and
a profit of R4 908 million for the second half of 2008.
The company`s total steel sales for the first six months of 2009 were 2.1
million tonnes, 24% down on the corresponding period last year and 12% lower
than the previous six months.
Net realised selling prices for the first half of this year were on average 35%
lower than in the preceding six months and 9% down on the corresponding period
last year. Costs remained high as coking coal inventories received at high
prices, will only run out towards the middle of the third quarter. The cash cost
of production for hot rolled coil decreased by 3% compared to the preceding six
months and billets by 7%. However, compared to the first six months of last year
hot rolled coil cash costs were up by 28% and billets by 18%.
The decline in earnings was further aggravated by lower income from the Coke and
Chemicals business following a slump in demand for market coke from the ferro-
alloy industry. The company also made substantial losses on foreign currency
translation as the Rand strengthened significantly against the US Dollar during
the first half of this year, whereas it had weakened throughout 2008 against the
US currency.
Quarterly headline
earnings/(loss) (unaudited)
Quarter to US$m Rm Exchange
rate
March 2007 211 1 530 7.24
June 2007 229 1 624 7.10
Average 220 1 577 7.17
September 2007 148 1 055 7.11
December 2007 226 1 532 6.77
Average 187 1 294 6.94
March 2008 265 2 003 7.55
June 2008 330 2 573 7.79
Average 298 2 288 7.67
September 2008 485 3 772 7.78
December 2008 114 1 136 9.93
Average 300 2 454 8.86
March 2009 (24) (237) 9.96
June 2009 (72) (607) 8.48
Average (48) (422) 9.22
Market review
International market
International demand for steel, as well as the price of steel products, remained
depressed during the first half of this year. However, towards the end of the
second quarter there were early signs of a slight improvement in steel demand
for quarter three. These included an easing of the recession in the US, where
steel production and prices have started to creep up, and the continued strength
of steel demand in China on the back of the country`s fiscal and monetary
stimulus packages. It is also apparent that inventory de-stocking is essentially
completed, leading to increased demand for steel products in a number of
regions.
World crude steel production between January and May 2009 decreased by 22.6%
compared to a year ago. In advanced industrial countries output was 42.4% down
year-on-year, while production levels for the rest of the world (excluding
China) fell 27%. Production in China remained steady.
ArcelorMittal South Africa`s exports doubled from 339 000 tonnes a year ago to
679 000 tonnes in the first half of this year and increased by 304000 tonnes
(81%) on the preceding six months.
Domestic market
The company`s domestic steel sales for the first six months of 2009 were 1.389
million tonnes, 30% down on the previous six months and 42% lower than the
corresponding period last year. Having recorded two consecutive quarters of
negative growth, the South African economy is now officially in a recession -
the first in 18 years. The country`s real gross domestic product contracted at
an annualised rate of 6.4% during the first quarter 2009, following a decline of
1.8% in the fourth quarter 2008. The sharp economic downturn is particularly
evident in the performance of the country`s export orientated sectors, further
aggravated by the strong Rand which impacts negatively on their ability to
compete internationally.
Tight credit conditions, destocking and the uncertain economic outlook continued
to depress domestic sales in the first half of 2009, although order intake
started to improve during the second quarter as the rundown of inventory levels
ended.
Operational review
Liquid steel production for the first six months of 2009 totalled 2.4 million
tonnes, a decrease of 23% compared to the corresponding period last year and 11%
lower than in the second half of 2008. Production levels in the fourth quarter
of 2008 fell to below 50% of total capacity, but output picked up to levels of
around 60% of capacity in the first six months of 2009. This is expected to
increase to levels of around 75% during the third quarter of 2009.
A burn through at the emergency tap hole at Saldanha Works` Corex plant in early
May led to an estimated loss of 100 000 tonnes of liquid steel. The Corex plant
has been repaired and is being ramped up to full production.
Safety, health and environment
The lost time injury frequency rate improved to 1.8 (injuries per million man
hours worked) compared to 2.6 at the end of the first quarter. There have been
no fatal incidents at the company`s operations so far this year. Sustaining and
improving this performance remains one of our key priorities.
Environmental matters also feature prominently in the company`s priority list,
though the severe impact of the global economic crisis has necessitated that
capital spending on some environmental projects be postponed. Nevertheless, we
are nearing completion on two crucial projects that will improve the company`s
environmental impact:
* The installation of a dust extraction system at the steelmaking facilities at
the Vereeniging operation is progressing well and the project is scheduled for
completion by the end of this year.
* The coke oven gas and water cleaning project at Vanderbijlpark Works has
experienced some commissioning delays, but should be operational during the
latter part of 2009. The project will achieve a 40% reduction in SO2 emissions
at the plant.
The company is co-operating fully with the Green Scorpions, which has inspected
all the company`s production facilities over the past two years. The most recent
inspection was at Saldanha Works in March this year.
Capital projects
The two new direct reduction kilns at Vanderbijlpark Works were successfully
commissioned in the second quarter. These kilns will enable the operation to
become less reliant on scrap as feedstock to the electric arc furnaces, while at
the same time adding 220 000 tonnes of liquid steel to its manufacturing
capacity.
As announced on 7 April 2009, ArcelorMittal South Africa acquired a 16.31%
shareholding in Coal of Africa Limited from its holding company for R405
million. The purchase consideration was based on the 15-day volume weighted
average price at which the shares traded on the JSE Limited to the close of
business on 31 March 2009. The transaction will secure part of the company`s
future coal needs, thus mitigating one of the key input costs. As part of the
transaction, the company has an option to enter into an off-take agreement for
an annual supply of 2.5 million tonnes of metallurgical coking coal.
Contingent liabilities
In the case brought before the Competition Tribunal (the "Tribunal") by gold
miners Harmony Gold Mining Company Limited and DRD Gold Limited alleging
excessive pricing by ArcelorMittal South Africa, the Competition Appeal Court
ruled on 29 May 2009 to set aside the decision and order by the Tribunal. The
Competition Appeal Court remitted the matter back to the Tribunal to hear
further specified evidence and determine, by assessing evidence that has already
been tabled, whether the company contravened section 8(a) of the Competition Act
89 of 1998 in respect of the prices it charged for flat steel products in the
domestic market. The Tribunal also needs to determine any consequent relief as a
result of its assessment. The administrative penalty imposed by the Tribunal of
R692 million remains disclosed as a contingent liability and no provision has
been made.
In another case brought before the Tribunal by Barnes Fencing Industries
Limited, relating to alleged price and payment discrimination on the sale of low
carbon wire rod products, a date for the plea hearing and the beginning of the
initial proceedings is awaited.
Share buy-back
The company announced in its first quarter 2009 earnings release that it
intended to repurchase approximately 10% of issued ArcelorMittal South Africa
shares from ArcelorMittal South Africa shareholders on a pro rata basis, in
terms of section 89 of the Companies Act, No. 61 of 1973, as amended.
The company is pleased to announce that 44 550 255 shares representing 10% of
its issued share capital were successfully repurchased, at a total value of R3,
9 billion.
Company secretary
C Singh resigned as company secretary with effect from 30 April 2009. Premium
Corporate Consulting Services (Proprietary) Limited was appointed as company
secretary, effective 8 May 2009.
Outlook for quarter three 2009
After reporting a loss over the past six months, results in the third quarter of
2009 are expected to improve on the back of higher domestic and international
sales volumes and prices.
Domestic demand is expected to rise during the third quarter as de-stocking by
customers ended at the end of the second quarter, though still well below the
average levels of last year. The decline in economic growth in the first half of
2009 is set to slow in the second half. This is on the back of a moderate
improvement in the international economy and government`s commitment to continue
with its infrastructure programme.
Movement in the exchange rate will also have an important impact on earnings.
On behalf of the board of directors
NMC Nyembezi-Heita (Chief Executive Officer)
HJ Verster (Executive Director Finance)
27 July 2009
Forward looking statements
Statements in this release that are neither reported financial results nor other
historical information, are forward-looking statements, including but not
limited to statements that are predictions of or indicate future earnings,
savings, synergies, events, trends, plans or objectives. Undue reliance should
not be placed on such statements because, by their nature, they are subject to
risks and uncertainties whose impact could cause actual results and company
plans and objectives to differ materially from those expressed or implied in the
forward-looking statements (or from past results).
Registered Office: ArcelorMittal South Africa Limited, Room N3-5, Main Building,
Delfos Boulevard, Vanderbijlpark 1911
Directors: Non-executive: Dr KDK Mokhele (Chairman)*, DK Chugh#,
CPD Cornier, EK Diack*, S Maheshwari#, LP Mondi, DCG Murray*, MJNNjeke*, ND
Orleyn*, AMHO Poupart-Lafarge Executive: NMC Nyembezi-Heita (Chief Executive
Officer), Dr LGJJ Bonteo (President), HJ Verster (Executive Director Finance)
*Independent non-executive #Citizen of India Citizen of France oCitizen of
Belgium
Company Secretary: Premium Corporate Consulting Services (Proprietary) Limited
Sponsor: Deutsche Securities (SA) (Proprietary) Limited,
87 Maude Street, Sandton, 2146 Private Bag X9933, Sandton 2143
Transfer Secretaries: Computershare Investor Services (Proprietary) Limited, 70
Marshall Street, Johannesburg, 2001 P.O. Box 61051, Marshalltown, Johannesburg,
2107
This report is available on the ArcelorMittal South Africa`s Web site at:
http://www.arcelormittal.com/southafrica/
Share queries: Please call the ArcelorMittal South Africa share care toll free
on 0800 006 960 or +27 11 370 7850
Vanderbijlpark
29 June 2009
Sponsor to ArcelorMittal South Africa
Deutsche Securities (SA) (Proprietary) Limited
Date: 29/07/2009 07:05:01 Supplied by www.sharenet.co.za
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