Wrap Text
ACL - ArcelorMittal South Africa - Reviewed group financial results for the year
ended 31 December 2009
ArcelorMittal South Africa Limited
(Incorporated in the Republic of South Africa)
Registration number: 1989/002164/06
Share code: ACL ISIN: ZAE000134961
("ArcelorMittal South Africa", "the company" or "the group")
Reviewed group financial results for the year ended 31 December 2009
Financial review
ArcelorMittal South Africa posted a headline loss of R440 million for 2009
compared to a profit of R9 484 million in the previous financial year. This
sharp decline in the financial performance was due to the severe impact of the
global economic crisis on the steel industry, which was further aggravated by
losses on changes in foreign exchange rates due to the strengthening of the Rand
against the US Dollar. However, the company`s financial performance improved
markedly as the year progressed. A headline loss of R844 million during the
first half was followed by a profit of R404 million in the second half. This
turnaround was even more pronounced in the fourth quarter with headline earnings
of R469 million compared to an average quarterly loss of R303 million during the
first three quarters. The better performance in the latter part of 2009 was
driven by higher sales volumes and improved prices following the slight recovery
in the global economy as well as a lower cost base, led by cheaper coal
contracts.
Following the headline loss of R440 million for the year, no dividend will be
paid. However, our dividend policy of declaring one third of headline earnings
remains.
Hot rolled coil cash costs per tonne were up by 0.9% year-on-year due to the use
of expensive coal for most of 2009, exacerbated by a 16% decline in flat steel
production volumes during the year. The cash costs per tonne of billets
decreased by 9% supported by the 11% rise in long steel product volumes in 2009.
This trend was reversed in the fourth quarter with the cash cost of hot rolled
coil falling by 6%, compared to the third quarter, following the reduction of
coal prices and 31% higher production volumes. The cash cost of billets, while
also benefiting from lower coal prices, increased by 1% during the fourth
quarter, mainly due to a 11% fall in production volumes.
Sales volumes for the year were 12% down compared to 2008 as domestic sales
dropped by 30% to 3.1 million tonnes. This was only partially offset by a 95%
rise in export sales to 1.4 million tonnes. Average net export prices for hot
rolled coil were down by 48% in 2009.
Quarterly headline earnings/(loss) (unaudited)
Quarter to Rm US$m Exchange
rate
March 2008 2 003 265 7.55
June 2008 2 573 330 7.79
Average 2 288 298 7.67
September 2008 3 772 485 7.78
December 2008 1 136 114 9.93
Average 2 454 300 8.86
March 2009 (237) (24) 9.96
June 2009 (607) (72) 8.48
Average (422) (48) 9.22
September 2009 (65) (8) 7.81
December 2009 469 63 7.49
Average 202 28 7.65
Market review
International market
There has been a steady recovery in steel demand as the global economy begins
its recovery. Inventories are at historically low levels, stimulus plans are
having their desired effect and countries around the world are emerging from
recession. However, it is expected that the market will remain fragile through
2010. Strong growth is noticeable in developing markets such as India, Brazil,
Africa, the Middle East and especially China where the outlook is particularly
strong. In developed markets, on the other hand, prospects are more subdued,
especially in the US and Europe, where only a modest recovery is expected in the
near future. Stronger steel prices are further supported by rising coal, iron
ore and scrap prices. The average capacity utilisation for the global steel
industry improved during the year to 71% in December 2009 from 58% a year
earlier.
Domestic market
After three quarters of negative growth, South Africa`s real gross domestic
product recorded an annualised increase of 0.9% in the third quarter. Early
indications are that the improved conditions continued into the fourth quarter
of 2009 led by a gradual recovery in the manufacturing sector. Meaningful month-
on-month growth levels are being reported for basic iron and steel products
other fabricated metal products and for the production of vehicles and
associated equipment. It thus appears that South Africa has joined other
emerging markets in avoiding a widespread and extended economic recession though
the recovery this year is likely to be moderate.
Operational review
ArcelorMittal South Africa reported an operating profit of R229 million for
2009, comprising a R614 million loss at our Flat Steel Products business, a
profit of R315 million at our Long Steel Products business and a R449 million
profit from our Coke and Chemicals division. At an EBITDA level all the business
units were positive with profits of R381 million, R591 million and R556 million
respectively.
Liquid steel production last year was cut by 8.1% to 5.3 million tonnes to align
output to lower demand levels. Demand levels picked up considerably during the
fourth quarter and Blast Furnace C was restarted at Vanderbijlpark Works to meet
the increased orders. Fourth quarter capacity utilisation was close to 80%
compared with an average 65% during the first three quarters.
Safety, health and environment
The company`s sustained actions to improve its safety performance were marred by
the tragic accident at Newcastle Works on 30 December 2009 in which four workers
were killed. The workers died of asphyxiation while involved in maintenance work
at a basic oxygen furnace. The four deaths bring the number of fatalities last
year to five. We extend our heartfelt condolences to the families and friends of
the deceased. The tragedy has strengthened our resolve to achieve zero
fatalities and injuries at our operations. The lost-time injury frequency rate
per million hours worked worsened during 2009 to 2.6 from 2.4 in 2008.
Environmental matters feature prominently on the company`s priority list, though
the impact of the global economic crisis necessitated the postponement of
capital spending on some environmental projects planned for 2009. Crucial
projects were however not postponed and the new dust extraction system at the
steelmaking facilities of Vereeniging Works was completed by end December 2009.
The Coke Oven Gas and Water Cleaning Project at Vanderbijlpark Works that will
reduce SO2 emissions from the Works by an approximate 40%, has been commissioned
in January 2010.
Capital projects
A number of capital projects that were suspended in the first half of 2009 have
been re-activated. In addition, the company has identified a number of growth
and savings related projects, which are currently being fast-tracked for
implementation.
The refurbishment of the Tin Line at Vanderbijlpark Works after 30 years of
service was successfully completed.
Contingent liabilities
The case brought before the Competition Tribunal (the "Tribunal") by gold miners
Harmony Gold Mining Company Limited and DRD Gold Limited, which was appealed and
subsequently referred back by the Competition Appeal Court to the Tribunal, was
settled without the admission of guilt. A formal notice of withdrawal was handed
to the Tribunal.
The case brought by Barnes Fencing Industries Limited relating to alleged price
and payment discrimination on the sale of low carbon wire rod products is
continuing in accordance with Tribunal procedures. A date for the hearing has
not been set.
The Competition Commission investigated ArcelorMittal South Africa and four
other primary steel producers in South Africa relating to alleged market
collusion and price fixing of certain long steel products. The Competition
Commission referred the matter to the Tribunal for adjudication and recommended
a financial penalty of 10% of the company`s 2008 turnover. In preparing a
response to the referral, ArcelorMittal South Africa filed a separate
interlocutory application with the Tribunal on 17 December 2009.
Changes to the board of directors
* Dr KDK Mokhele resigned as Independent Non-executive Director and Chairman of
the Board with effect from 4 December 2009.
* MJN Njeke was appointed Acting Chairman of the Board with effect from 4
December 2009 and confirmed as Chairman of the Board with effect from 4 February
2010.
* Dr LGJJ Bonte resigned as President and Executive Director of the Board with
effect from 30 November 2009.
* M MacDonald was appointed as an Independent Non-executive Director of the
Board, with effect from 4 February 2010.
Outlook for quarter one 2010
Financial results for the first quarter of 2010 are expected to improve further
on the fourth quarter 2009, boosted by a combination of higher production,
higher sales volumes and improved international sales prices. This will be
partially offset by a rise in coal, scrap, alloy and iron ore input prices.
Changes in the Rand/US Dollar exchange rate will always have an important impact
on earnings.
On behalf of the board
NMC Nyembezi-Heita Chief Executive Officer
HJ Verster Chief Financial Officer
4 February 2010
Salient features
Year ended 31
December
2009 2008
Reviewed Audited
Rm Rm
Reconciliation of earnings before
interest, taxation, depreciation and
amortisation (EBITDA)
Profit from operations 229 12 159
Adjusted for:
-'impairment charge 26 121
-'depreciation 1 279 1 310
-'amortisation of intangible assets 13 12
EBITDA 1 547 13 602
Reconciliation of headline
(loss)/earnings
(Loss)/profit for the year (478) 9 381
Adjusted for:
-'loss on disposal or scrapping of assets 29 39
-'impairment charge 26 121
-'impairment reversal (9) (36)
-'tax effect (8) (21)
Headline (loss)/earnings (440) 9 484
Headline (loss)/earnings per share
(cents)
-'basic (104) 2 128
-'diluted (104) 2 120
Selected ratios (%)
EBITDA margin 6.0 34.1
Return on ordinary shareholders` equity
per annum
-'attributable earnings (1.9) 38.6
-'headline earnings (1.8) 39.0
Net cash to equity 18.1 28.8
Share statistics
Ordinary shares (thousands)
-'in issue 401 202 445 752
-'weighted average number of shares 423 050 445 752
-'diluted weighted average number of 423 684 447 433
shares
Share price (closing) (Rand) 103.00 88.45
Market capitalisation (Rand million) 41 324 39 427
Net asset value per share (Rand) 54.65 62.80
Dividend per share (cents)
-'interim 342
-'final 365
Condensed group income statement
Year ended 31 December
2009 2008
Reviewed Audited
Rm Rm
Revenue 25 598 39 914
Raw materials and consumables used (14 003) (18 556)
Employee costs (2 640) (2 598)
Energy (2 062) (1 474)
Movement in inventories of finished goods (1 296) 1 844
and work in progress
Impairment charge (Note 2) (26) (121)
Depreciation (1 279) (1 310)
Amortisation of intangible assets (13) (12)
Other operating expenses (4 050) (5 528)
Profit from operations 229 12 159
(Losses)/gains on changes in foreign (813) 637
exchange rates and financial instruments
(Note 3)
Interest income 199 318
Finance costs (Note 4) (276) (238)
Income from investments 3 3
Income from equity accounted investments 206 331
(net of tax)
Impairment reversal (Note 5) 9 36
(Loss)/profit before tax (Note 6) (443) 13 246
Income tax expense (Note 7) (35) (3 865)
(Loss)/profit for the year (478) 9 381
Attributable to:
Owners of the company (478) 9 381
(Loss)/earnings per share (cents)
-'basic (113) 2 105
-'diluted (113) 2 097
Condensed group statement of comprehensive income
Year ended 31 December
2009 2008
Reviewed Audited
Rm Rm
(Loss)/profit for the year (478) 9 381
Other comprehensive income
Exchange differences on translation of (380) 591
foreign operations
Gains/(losses) on available-for-sale 37 (71)
investments taken to equity
Movement in losses and gains deferred to 158 (91)
equity on cash flow hedges
Share of other comprehensive income of 135
equity accounted investments
Income tax on (expenses)/income taken (40) 25
directly to equity
Total comprehensive (loss)/income for the (568) 9 835
year
Attributable to:
Owners of the company (568) 9 835
Condensed group statement of financial position
As at 31 December
2009 2008
Reviewed Audited
Rm Rm
Assets
Non-current assets 18 490 18 159
Property, plant and equipment 15 862 15 917
Intangible assets 72 71
Equity accounted investments (Note 8) 2 369 1 968
Other financial assets 187 203
Current assets 12 294 19 276
Inventories 5 767 8 642
Trade and other receivables 2 096 2 031
Other financial assets 83 174
Cash and cash equivalents 4 348 8 429
Total assets 30 784 37 435
Equity and liabilities
Shareholders` equity 21 925 27 995
Stated capital 37 37
Non-distributable reserves (2 344) 1 503
Retained income 24 232 26 455
Non-current liabilities 4 632 4 774
Borrowings and other payables (Note 9) 220 273
Finance lease obligations 557 314
Deferred income tax liability 2 435 2 526
Provision for post-retirement medical 8 9
costs
Non-current provisions 1 412 1 652
Current liabilities 4 227 4 666
Trade and other payables 3 496 3 384
Borrowings and other payables (Note 9) 153 100
Finance lease obligations 57 40
Taxation 8 780
Other financial liabilities 3 157
Current provisions 510 205
Total equity and liabilities 30 784 37 435
Condensed group statement of cash flows
Year ended 31 December
2009 2008
Reviewed Audited
Rm Rm
Cash inflow from operating activities 1 693 5 511
Cash generated from operations 4 705 10 939
Interest income 199 318
Finance costs (121) (59)
Dividend paid (1 627) (2 398)
Income tax paid (934) (3 087)
Realised foreign exchange movement (529) (202)
Cash outflow from investing activities (1 346) (1 813)
Investment to maintain operations (784) (1 413)
Investment to expand operations (130) (419)
Proceeds from disposals of property, 2
plant and equipment
Investment in associate (524)
Investment income - interest 3 3
Dividend from equity accounted 89 14
investments
Cash outflow from financing activities (4 067) (121)
Repurchase of shares (3 918)
Repayment of borrowings and finance lease (149) (121)
obligations
(Decrease)/increase in cash and cash (3 720) 3 577
equivalents
Effect of foreign exchange rate changes (361) 818
Cash and cash equivalents at beginning of 8 429 4 034
year
Cash and cash equivalents at end of year 4 348 8 429
Segment information
Segment revenue
Year ended 31 December
2009 2008
Reviewed Audited
Rm Rm
Flat Carbon Steel Products
- external sales 15 889 24 447
- inter-segment sales 403 1 066
Long Carbon Steel Products
- external sales 8 112 11 936
-'inter-segment sales 419 1 014
Coke and Chemicals
-'external sales 1 597 3 496
-'inter-segment sales 56 67
Adjustments and eliminations (878) (2 112)
Total revenue 25 598 39 914
Distributed as:
-'Local 20 344 34 931
- Export
' Africa 3 508 2 752
' Europe 108 323
' Asia 1 554 1 696
' Other 84 212
All of the segment revenue reported above
is from external customers.
Segment profit from operations
Year ended 31
December
2009 2008
Reviewed Audited
Rm Rm
Operating (loss)/profit before
depreciation, amortisation and impairment
- Flat Carbon Steel Products 381 8 112
- Long Carbon Steel Products 591 3 993
- Coke and Chemicals 556 1 781
- Corporate and Other 19 (284)
Depreciation and amortisation
- Flat Carbon Steel Products (995) (1 105)
- Long Carbon Steel Products (250) (200)
- Coke and Chemicals (107) (38)
- Corporate and Other 60 21
Impairment charge
- Long Carbon Steel Products (26) (121)
(Loss)/profit from operations
- Flat Carbon Steel Products (614) 7 007
- Long Carbon Steel Products 315 3 672
- Coke and Chemicals 449 1 743
- Corporate and Other 79 (263)
Profit from operations 229 12 159
Segment assets
Year ended 31
December
2009 2008
Reviewed Audited
Rm Rm
Flat Carbon Steel Products 18 430 20 198
Long Carbon Steel Products 4 530 5 097
Coke and Chemicals 887 1 130
Corporate and Other 6 937 11 010
Total assets 30 784 37 435
Unaudited supplementary physical information (`000 tonnes)
Year ended 31
December
2009 2008
Flat Carbon Steel Products
Liquid steel production 3 428 4 084
Sales 2 858 3 412
Long Carbon Steel Products
Liquid steel production 1 879 1 690
Sales 1 615 1 677
Total
Liquid steel production 5 307 5 774
Sales 4 473 5 089
-'local 3 072 4 375
-'export 1 401 714
Local sales as percentage of total sales 69 86
Condensed group statement of changes in equity
Non-distributable reserves
Stated Treasur Capita Manage- Share- Attri-
capita y share l ment based butable
l equity redemp- share pay- reserves
Rm reserve tion trust ment of
Rm reserv Rm reserv equity
e e accounte
Rm Rm d
invest-
ments
Rm
Balance at 1 37 23 (149) 62 820
January 2008
(audited)
Total comprehensive
income for the year
(net of income tax)
Management share (58)
trust: net treasury
share purchases
Share-based payment 33
expense
Dividend
Transfer of equity 317
accounted earnings
Balance at 31 37 23 (207) 95 1 137
December 2008
(audited)
Total comprehensive
income for the year
(net of income tax)
Management share (12)
trust: net treasury
share purchases
Share-based payment 55
expense
Repurchase of (3 918)
shares
Dividend
Transfer of equity 118
accounted earnings
Balance at 31 37 (3 918) 23 (219) 150 1 255
December 2009
(reviewed)
* R130 million
relates to equity
accounted
investments
** R5 million
relates to equity
accounted
investments
Condensed group statement of changes in equity
Non-distributable reserves
Financia Trans- Cash Retaine Total
l lation of flow d share-
assets foreign hedge income holders`
availabl operation account Rm equity
e-for- s -ing Rm
sale Rm Rm
Rm
Balance at 1 62 (7) (54) 19 789 20 583
January 2008
(audited)
Total comprehensive (71) 591 (66) 9 381 9 835
income for the year
(net of income tax)
Management share (58)
trust: net treasury
share purchases
Share-based payment 33
expense
Dividend (2 398) (2 398)
Transfer of equity (317)
accounted earnings
Balance at (9) 584 (120) 26 455 27 995
31 December 2008
(audited)
Total comprehensive *171 **(375) 114 (478) (568)
income for the year
(net of income tax)
Management share (12)
trust: net treasury
share purchases
Share-based payment 55
expense
Repurchase of (3 918)
shares
Dividend (1 627) (1 627)
Transfer of equity (118)
accounted earnings
Balance at 162 209 (6) 24 232 21 925
31 December 2009
(reviewed)
* R130 million
relates to equity
accounted
investments
** R5 million
relates to equity
accounted
investments
Notes to the reviewed financial statements
1. Basis of preparation
The condensed reviewed consolidated financial statements
have been prepared in compliance with the Listing
Requirements of the JSE Limited, International Financial
Reporting Standards (IFRS) in particular International
Accounting Standard (IAS) 34, Interim Financial Reporting as
issued by the IASB and Schedule 4 of the South African
Companies Act, 1973, as amended.
These condensed reviewed group financial results for the
year ended 31 December 2009 have been prepared on the
historical cost basis, except for the revaluation of
financial instruments.
The group has adopted all of the new and revised standards
and interpretations issued by the IASB and the International
Financial Reporting Interpretations Committee (IFRIC) of the
IASB that are relevant to its operations and effective for
accounting periods beginning on 1 January 2009.
The accounting policies and methods of computation applied
in the presentation of the financial results of the group
are consistent with those applied for the year ended 31
December 2008, except for the following:
- IFRS7, Financial Instruments: Disclosures Improving
disclosure about financial instruments (effective from
annual periods beginning on or after 1 January 2009).
- Reclassification of leave payment accrual previously
disclosed as "provisions" to "borrowings and other payables"
following the alignment with ArcelorMittal group. For the
year ended 31 December 2008, in the reclassified statement
of financial position compared to the previous published
statement of the group "current provisions" and "non-current
provisions" decreased by R67 million and R227 million
respectively with a corresponding increase in "current
borrowings and other payables" and "non-current borrowings
and other payables" respectively. For the year ended 31
December 2009 "current borrowings and other payables"
increased by R44 million to R111 million, and "non-current
borrowings and other payables" decreased by R38 million to
R189 million.
In addition to the above, the following amendments and
interpretations have been adopted in advance of their
effective date with no impact on the group`s financial
results or disclosures:
- IAS 24 (Revised), Related Party Disclosure (effective for
annual periods beginning on or after 1 January 2011);
- IFRIC 9 (Amendment), Reassessment of Embedded Derivatives
and consequential amendments to IAS 39, Financial
Instruments: Recognition and Measurement (effective for
annual periods ending on or after 30 June 2009);
- IFRS 2 (Amendment), Share-based Payment (effective for
annual periods beginning on or after 1 January 2010);
- IAS3 2 (Amendment), Financial Instruments: Presentation
(effective for annual periods beginning on or after 1
February 2010);
- IFRIC 17, Distribution of Non-cash Assets to Owners
(effective for annual periods beginning on or after 1 July
2009);
- IFRIC 18, Transfer of Assets from Customers (effective for
annual periods beginning on or after 1 July 2009);
- IFRIC 19, Extinguishing Financial Liabilities with Equity
Instruments (effective for annual periods beginning on or
after
1 July 2010).
Year ended 31
December
2009 2008
Reviewed Audited
Rm Rm
2. Impairment charge
An impairment charge has been 26
recognised against the carrying amount
of the
Maputo Works following the closure of
the plant.
In 2008 an impairment charge of R93 121
million and R28 million was recognised
against the carrying amounts of the
Maputo Works and the Dunswart Direct
Reduction facility at the Vereeniging
Works respectively.
3. (Losses)/gains on changes in foreign (813) 637
exchange rates and financial
instruments
Gains on changes in foreign exchange 103 901
rates
Losses on changes in foreign exchange (900) (256)
rates
Fair value (losses)/gains transferred (16) (10)
from equity on ineffective derivative
instruments designated as cash flow
hedges
Gains on changes in the fair value of 2
derivative instruments designated as
held for trading at fair value through
profit or loss
4. Finance costs (276) (238)
Interest expense on bank overdrafts (43) (13)
and loans
Interest expense on finance lease (78) (46)
obligations
Discounting rate adjustment of the non- 48 (8)
current provisions
Unwinding of the discounting effect in (203) (171)
the present valued carrying amount of
the non-current provisions
5. Impairment reversal
An impairment against the investment 9
in jointly controlled entity,
Pietersburg Iron '
Company (Proprietary) Limited, has
been reversed, based on mining
feasibility studies being conducted
within that company.
Following an impairment reversal in 36
2008 against property, plant and
equipment by jointly controlled
entity, Microsteel (Proprietary)
Limited, a corresponding reversal of
R36 million impairment against the
investment has been made.
6. Profit before taxation is arrived at
after
Directors` remuneration
- executive 18 16
- non-executive 2 2
Auditors` remuneration
- audit fees 9 11
- other services and expenses 2 1
7. Income tax expense 35 3 865
Current normal and deferred tax (131) 3 685
expense
Normal and deferred tax expense 8 12
recognised in relation to tax of prior
years
Effect of change in corporate tax rate (89)
Secondary tax on companies 158 244
Withholding tax on foreign income 13
8. Equity accounted investments
Directors` valuation of equity 2 783 2 001
accounted investments
9. Borrowings and other payables
Loan 41 51
Cash-settled share-based payment 32 28
Leave pay 300 294
Total 373 373
Disclosed as:
- non-current 220 273
- current 153 100
10. Capital expenditure
Incurred 914 1 832
Contracted 560 930
Authorised but not contracted 972 1 227
11. Contingent liabilities 4 705
Guarantees 4 1
Amount in legal trust 12
Litigation and claims 692
12. Operating lease commitments 51 156
Less than one year 35 79
More than one year and less than five 16 77
years
13. Related party transactions
The group is controlled by ArcelorMittal Holdings AG which
owns 52.02% of the company`s shares. During the year 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.
14. Directors` share option benefits
Rights to options and shares held by Executive Directors in
terms of the Management Share Scheme totalled 400 791 at 31
December 2009 (December 2008: 202 551), representing 0.1%
(December 2008: 0.05%) of the issued shares. As part of the
ArcelorMittal group exchange programme certain Executive
Directors received the rights to options and shares in the
ArcelorMittal AG Share Scheme. At 31 December 2009 the
number totalled 8 250 (December 2008: 33 250).
15. Corporate governance
The group subscribes to the Code on Corporate Practices and
Conduct as contained in the second King Report on corporate
governance.
16. Review by external auditors
The group financial results have been reviewed by Deloitte &
Touche whose unmodified review opinion is available for
inspection at the company`s registered office.
Registered ArcelorMittal South Africa Limited, Room N3-5,
Office: Main Building, Delfos Boulevard, Vanderbijlpark, 1911
Directors: Non-executive: MJN Njeke* (Chairman), DK Chugh,
CPD Cornier#, EK Diack*, M MacDonald*, S Maheshwari,
LP Mondi, DCG Murray*, ND Orleyn*, AMHO Poupart-
Lafarge#
Executive: NMC Nyembezi-Heita (Chief Executive
Officer),
HJ Verster (Chief Financial Officer)
Citizen of India'#Citizen of France'
*Independent non-executive
Company Premium Corporate Consulting Services (Proprietary)
Secretary: Limited
Sponsor: Deutsche Securities (SA) (Proprietary) Limited, 87
Maude Street, Sandton, 2146
Private Bag X9933, Sandton, 2146
Transfer Computershare Investor Services (Proprietary)
Secretaries Limited,
: 70 Marshall Street, Johannesburg, 2001
P.O. Box 61051, Marshalltown, Johannesburg, 2107
Forward-looking statements
Certain 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
known and unknown risks and uncertainties and can be affected by other factors,
that 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).
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
10 February 2010
Sponsor to ArcelorMittal South Africa
Deutsche Securities (SA) (Proprietary) Limited
Date: 10/02/2010 08:00:01 Supplied by www.sharenet.co.za
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