Wrap Text
Unaudited group earnings results and physical information for the quarter ended 30 September 2012
ArcelorMittal South Africa Limited
Registration number: 1989/002164/06
Share code: ACL ISIN: ZAE 000134961
("ArcelorMittal South Africa", "the Company" or "the Group")
Unaudited group earnings results and physical information for the quarter ended 30 September 2012
Overview
Trading conditions for the global steel industry continued to worsen into the third quarter on the back of a further
deterioration in the already weak economic conditions in Europe and a slowdown in the Chinese growth rate, resulting in a
further decline in international prices. Domestic steel demand remained weak, especially from the building and
construction industry, the main steel consuming sector in South Africa. The weak demand together with destocking activities
resulted in a decline in domestic sales of 5%. The negative impact of the market was to some extent offset by a softening in
some raw material prices, especially coking coal, pellets and scrap, although electricity costs increased as a result
of the higher winter tariffs. Commercial coke sales increased 24% on the back of ferrochrome operators restarting
furnaces following the end of the electricity buy-back period. This resulted in a rise in EBITDA from the segment of R65
million to R110 million. The company received an insurance claim of R188 million in respect of a Corex burn through incident
at Saldanha during 2009, with the final related repairs completed towards the end of last year. The headline loss for the
quarter ended 30 September 2012 of R168 million was marginally lower than the loss reported in the preceding quarter of
R177 million, in line with our outlook at that time. During the corresponding period last year we recorded a loss of
R460 million.
EBITDA rose 6% quarter-on-quarter to R238 million and compares favourably to the R3 million reported in the prior
year. The primary contributor to this result was the insurance payment and higher commercial coke sales compared to both
periods. Nonetheless, production levels were fairly stable and costs well-contained. Net realised prices were higher
compared to last year but were offset by lower dispatches.
Liquid steel production in Newcastle was marginally down following a longer than anticipated restart of the blast
furnace after a scheduled stop to repair a taphole. At 66%, capacity utilisation was marginally lower than the 67% achieved
in the preceding quarter but much higher than the 59% recorded a year ago. Steel sales were adversely affected by export
volumes that declined to 295 000 tonnes from 405 000 tonnes in the previous quarter, but were stable when compared to
the 271 000 tonnes reported in the third quarter of 2011.
Safety performance remains pleasing. The lost time injury frequency ("LTIFR") rate per million man-hours worked was
0.52 for the third quarter from 0.44 reported last quarter and 1.20 reported in the prior year. The third quarter marks a
year since the last fatality at our sites. The year-to-date LTIFR of 0.60 is also better than the comparative 2011 rate
of 1.35. The performance at Vanderbijlpark is particularly noteworthy, with an LTIFR of 0.25 for the year-to-date. In
the months ahead, we will continue to focus on our Journey to Zero projects in the drive to achieve zero harm on our sites
on a sustained basis.
Key statistics
Quarter Quarter Quarter Nine months
ended ended ended ended Year ended
30 September 30 June 30 September 30 September 31 December
2012 2012 2011 2012 2011
7 614 8 650 7 620 Revenue (R million) 25 406 31 453
238 224 3 EBITDA (R million) 1 279 1 720
217 179 3 EBITDA/tonne (R/t) 352 365
3.1 2.6 EBITDA margin (%) 5.0 5.5
(155) (198) (347) (Loss)/profit from operations 106 297
(R million)
(148) (177) (462) Net (loss)/profit (R million) (46) 8
(168) (177) (460) Headline loss (R million) (62) (52)
(42) (44) (115) Headline loss per share (cents) (15) (13)
1 320 1 344 1 180 Liquid steel production 4 047 5 453
('000 tonnes)
1 097 1 249 1 133 Steel sales ('000 tonnes) 3 635 4 708
802 844 862 - Local 2 640 3 507
295 405 271 - Export 995 1 201
0.52 0.44 1.20 Lost time injury frequency rate 0.60 1.24
Market review
International
A steady deterioration in global economic growth led to weak steel demand across all regions. China, which accounts
for approximately 46% of global steel consumption, forecasts an economic growth rate of 7.5% this year, which is the
lowest year-on-year growth projection in eight years. Europe continues to face challenging market conditions leading to a
decline in industrial output, rising unemployment and low consumption demand. Developing economies - though faring
relatively better - are now contending with rising inflationary pressures and the risk of an economic hard landing has
increased. Recent economic data from the United States has been mixed after a promising start to the year. The housing sector
began to show signs of a rebound with modest gains in recent quarters, while commercial construction activity remained
stable. The environment has been somewhat more positive for Africa, especially within the sub-Saharan region, as a result of
an increase in infrastructure related projects and mining activities, although its impact globally remains minimal.
Domestic
The South African economy remained resilient under the current global economic conditions, growing by an annualised
rate of 3% in the second quarter but slowing to an estimated 2.8% in the third quarter. There were marginal improvements
in key sectors of manufacturing and construction, with the mining sector continuing to register a negative growth rate of
-1.8%. Domestic trading conditions have been very challenging for steel producers, mainly driven by stubbornly sluggish
building and construction activity. Although there has been some uptick in orders recently within certain sections of
the manufacturing sector, such as automotive and packaging, overall domestic steel demand remains weak. With the
sentiment of weak prices and demand, most of the customers preferred to destock during the quarter or buy only against real
consumption demand.
Financial review
Quarter ended 30 September 2012 compared with quarter ended 30 September 2011
Revenue of R7.6 billion was little changed from a year ago. Total steel shipments decreased by 3%, with domestic
shipments down 7% offset by higher exports of 9%. Flat steel shipments declined 8% while long products rose 9%. Average net
realised prices increased by 3%. Prices for flat steel were 2% up, while long steel rose 3%. Commercial coke sales
climbed 20% offset by a 6% decline in net realised prices, leading to a 7% rise in revenue from the Coke and Chemicals
business to R423 million.
Cash costs of hot rolled coil decreased 6% whilst those of billets increased 5% following the delayed start-up of the
blast furnace at Newcastle Works. The prices of imported coking coal and pellets were 33% and 42% lower respectively on
a US dollar FOB basis and 23% and 34% respectively on a rand basis. Iron ore delivered from Thabazimbi and electricity
prices each climbed 9%. Liquid steel production was 140 000 tonnes higher resulting in capacity utilisation for flat
steel rising to 67% compared to last year's 64% and for long steel, 63% compared to 46%. The operating loss narrowed by 55%
to a loss of R155 million.
Financing costs of R124 million for the quarter were R27 million more than prior year due to higher interest paid of
R13 million and a drop in the discount rate used to determine the present value of long-term liabilities such as
environmental obligations and onerous contract provisions. The company's share of the profit from equity accounted investments
after taxation of R61 million compares with a loss of R145 million a year ago. The increase relates to higher income from
Macsteel International Holdings BV and a lower loss from Coal of Africa Limited.
Quarter ended 30 September 2012 compared with quarter ended 30 June 2012
Revenue decreased 12% to R7.6 billion for the quarter. Total steel shipments fell 12%, with domestic shipments
dropping 5% and exports 27%. Shipments for both flat and long steel products declined by 12%. Overall, average net realised
prices remained virtually unchanged ticking up 1% although long steel prices decreased 3%. Revenue from the Coke and
Chemicals business of R423 million was 14% higher following a 24% increase in commercial coke dispatches offset by a drop in
net realised prices of 2%.
Cash costs of hot rolled coil and billets increased marginally, by 1% and 2% respectively. Key raw material prices
softened with imported coking coal and pellets decreasing by 14% and 19% respectively on a US dollar FOB basis, while local
coking coal dropped 15% and scrap 4%. This was offset by a 17% rise in electricity prices and 14% for Thabazimbi iron
ore. Liquid steel production was 24 000 tonnes lower with capacity utilisation for flat steel at 67% compared to 63% the
previous quarter whilst that for long steel decreased from 78% to 63%. The operating loss improved by 22% to R155
million.
Financing costs of R124 million for the quarter were R22 million more than the previous quarter due to a decrease in
the discount rate on long-term liabilities. The company's share of the profit from equity accounted investments after
taxation of R61 million compares with profit of R42 million due to higher income from Macsteel International Holdings BV
partly offset by a higher loss from Coal of Africa Limited.
Environment
Notwithstanding the difficult economic conditions, key environmental projects remain a focus area for the company. The
new emission abatement system for Vanderbijlpark's sinter plant achieved sustainable operating results during the
latter half of Q3 2012. At a total cost of R250 million, the project can be regarded as a milestone as particulate emissions
will be reduced by approximately 80%.
Good progress is being achieved on the Newcastle zero effluent discharge project entailing the improvement of effluent
treatment and the recovery thereof with a planned completion date of early 2014 at an estimated cost of R360 million.
The proposed carbon tax remains a major concern as it may have a significant impact on the cost of steel produced. The
release of the reviewed Carbon Tax Discussion Paper as announced by the Minister of Finance is awaited in order to
serve as a basis for further engagement with National Treasury.
ArcelorMittal South Africa's Vanderbijlpark Works received a Compliance Notice on 22 October 2012 from the Gauteng
Department of Agriculture and Rural development ("GDARD"), instructing the company to cease the operation of certain units
at its Vanderbijlpark Works. The GDARD alleges that these units do not comply with certain conditions in the Atmospheric
Emission License ("AEL") issued for the site.
An application was lodged to the MEC of Agriculture and Rural Development, Ms Nandi Mayathula-Khoza to suspend the
Compliance Notice where after an appeal process will follow. The company does currently comply with the conditions in the
AEL that it was allegedly in breach of and this aspect together with various legal arguments serve as the basis for
contesting the Compliance Notice. The company remains committed to maintain and improve its environmental performance and the
recent completion of various improvement projects bear testimony to this.
Contingent liabilities
Wire rod matter - alleged price discrimination conduct
On 15 January 2007, the Competition Commission ("the Commission") referred a case against the company to the
Competition Tribunal ("the Tribunal"). The case relates to alleged price discrimination in wire rod. The matter is yet to be set
down for a hearing before the Tribunal. The company has not previously been found guilty of a similar contravention of
the Competition Act, and therefore a guilty verdict in respect of this matter will not attract any penalties.
Long steel matter - alleged cartel conduct
On 1 September 2009, the Commission referred a case against the company and three other primary steel producers in
South Africa to the Tribunal for alleged price fixing and market division in respect of certain long steel products. The
Commission has recommended the imposition of a penalty of 10% of the company's 2008 annual turnover. On 3 September 2010,
the Tribunal refused access to the bulk of documentation requested by the company to file its answering affidavit,
largely because of confidentiality claims placed by Scaw South Africa (Proprietary) Limited in respect of these documents.
The company appealed this matter to the Competition Appeal Court ("the CAC"). On 2 April 2012, the CAC ruled essentially
that the matter be referred back to the Tribunal for a hearing to determine the validity of these confidentiality claims.
The Commission subsequently appealed this ruling of the CAC with the Supreme Court of Appeal. The appeal, the basis of
which ArcelorMittal South Africa is opposing, is expected to be heard sometime during the first half of 2013.
Flat steel matter - alleged conscious parallelism
On 30 March 2012, the Commission referred a restrictive horizontal practice case against the company and Evraz
Highveld Steel and Vanadium Limited ("Highveld Steel") to the Tribunal for adjudication. This relates to alleged price fixing
and market allocation in respect of flat steel products. The form of price fixing alleged by the Commission in this
instance is one based on the "conscious parallelism" phenomenon. This mainly relates to Highveld Steel increasing its prices
each time ArcelorMittal South Africa increases its prices. ArcelorMittal South Africa strongly rejects all allegations
by the Commission and will defend itself. The Commission has recommended to the Tribunal to impose a penalty of 10% of
the company's 2008 annual turnover.
Competition Commission investigations
The Commission is formally investigating three (previously five) complaints against the company. The first involves
alleged prohibited vertical practices in respect of purchases of scrap steel. The second appears to involve an extension
of the wire rod matter described under contingent liabilities, to include another alleged contravention - exclusionary
conduct - as well as a later period, both of which were not covered in the initial wire rod referral. The third relates to
alleged excessive pricing of tinplate as well as flat steel. Joined to this investigation is an investigation into
alleged excessive pricing arising from the iron ore surcharge introduced for the period May 2010 to July 2010. The company
is cooperating fully with the Commission in all these investigations and continues to deliver all information and
documentation to the competition authorities as and when called upon to do so.
Dispute with Sishen Iron Ore Company Proprietary Limited ("SIOC")
Judgement in the High Court application to review the award of mineral rights to Imperial Crown Trading 289
(Proprietary) Limited ("ICT") by the Department of Mineral Resources ("DMR") was delivered in December 2011. The judge found, as
argued by the company that SIOC was awarded 100% of the mining rights in the Sishen mine and therefore the award of ICT
was invalid. ICT and the DMR subsequently lodged an application for leave to appeal the decision. SIOC also submitted a
conditional cross appeal. The application for leave to appeal was heard on 11 May 2012 and granted. The appeal is
expected to be heard by the Supreme Court of Appeal sometime during the first half of 2013.
The arbitration regarding the dispute between SIOC and the company relating to the supply agreement remains postponed
until the finalisation of the above appeal process. The Interim Pricing Agreement (IPA), which the company and SIOC had
entered into following the dispute, expired on 31 July 2012. For the period August 2012 to December 2012, the parties
agreed on the supply of tonnages short supplied to ArcelorMittal during the previous year.
The company and SIOC are continuing to engage with one another, through mediation facilitated by the Department of
Trade and Industry, for the continued supply of iron ore after 31 December 2012 and until the finalisation of the
arbitration between the parties.
Acquisitions
The final approval of the transaction involving the iron ore exploration project in the Northern Cape by the Minister
in terms of the Minerals and Petroleum Resources Development Act, No 28 of 2002, was received. The exploration programme
is progressing according to plan and this should be concluded by first quarter 2013.
Dividends
No dividends were declared for the nine months ended 30 September 2012.
Outlook for fourth quarter 2012
The earnings loss for the fourth quarter is expected to be substantially more than quarter three due to the seasonal
slowdown in domestic demand during December, aggravated by production losses following an extended taphole repair of the
blast furnace at Newcastle Works, partially offset by lower prices for some raw materials especially, imported coal and
pellets. The recent weakening of the Rand/US Dollar exchange rate, to the extent sustained, will have a positive impact.
Basis of preparation
The condensed consolidated financial statements have been prepared in compliance with the Listings Requirements of the
JSE Limited, International Accounting Standards (IAS) 34, Interim Financial Reporting and the South African Companies
Act, No. 71 of 2008, as well as the AC500 Standards as issued by Accounting Practices Board. These statements were
compiled under supervision of Mr RH Torlage, the Chief Financial Officer.
On behalf of the board
N Nyembezi-Heita RH Torlage
Chief Executive Officer Chief Financial Officer
23 October 2012
Condensed group statement of comprehensive income
Quarter Quarter Quarter Nine months Year ended
ended ended ended ended 31 December
30 September 30 June 30 September 30 September 2011
2012 2012 2011 In millions of rand 2012 Audited
7 614 8 650 7 620 Revenue 25 406 31 453
(4 731) (5 163) (4 453) Raw materials and consumables used (15 005) (19 886)
(820) (920) (813) Employee costs (2 542) (3 164)
(932) (809) (856) Energy (2 473) (3 177)
365 (38) (85) Movement in inventories of finished (132) 1 733
goods and work in progress
(389) (418) (346) Depreciation (1 162) (1 409)
(4) (4) (4) Amortisation of intangible assets (11) (14)
(1 258) (1 496) (1 410) Other operating expenses (3 975) (5 239)
(155) (198) (347) (Loss)/profit from operations 106 297
4 2 7 Finance and investment income 10 31
(124) (102) (97) Finance costs (301) (292)
16 (8) 23 Net foreign exchange (losses)/gains (9) 124
61 42 (145) Income/(loss) from equity accounted 112 (34)
investments (net of tax)
(198) (264) (559) (Loss)/profit before tax (82) 126
50 87 97 Income tax credit/(charge) 36 (118)
(148) (177) (462) (Loss)/profit for the period (46) 8
Other comprehensive income
(16) 121 268 Exchange differences on translation of 11 315
foreign operations
(9) (3) (2) Losses on available-for-sale investment (33) (12)
taken to equity
(6) 5 154 Share of other comprehensive loss of (8) 7
equity accounted investments
(179) (54) (42) Total comprehensive (loss)/income (76) 318
for the period
(Loss)/profit attributable to:
(148) (177) (462) Owners of the company (46) 8
Total comprehensive (loss)/income
attributable to:
(179) (54) (42) Owners of the company (76) 318
Attributable (loss)/earnings per
share (cents)
(37) (44) (114) - basic (12) 2
Reconciliation of headline (loss)/
earnings
(148) (177) (462) (Loss)/profit for the period (46) 8
Adjusted for:
(18) 3 (Profit)/loss on disposal or scrapping of (13) (82)
assets
(2) (1) Tax effect (3) 22
(168) (177) (460) Headline loss (62) (52)
(42) (44) (115) Headline loss per share (cents) (15) (13)
Reconciliation of earnings before
interest, taxation, depreciation and
amortisation (EBITDA)
(155) (198) (347) (Loss)/profit from operations 106 297
Adjusted for:
389 418 346 Depreciation 1 162 1 409
4 4 4 Amortisation of intangible assets 11 14
238 224 3 EBITDA 1 279 1 720
Condensed group statement of financial position
As at As at As at As at
30 September 30 June 30 September 31 December
2012 2012 2011 2011
In millions of rand Reviewed Audited
Assets
Non-current assets 19 323 19 335 18 998 19 573
Property, plant and equipment 16 017 16 126 16 304 16 618
Intangible assets 117 118 81 126
Equity accounted investments 3 165 3 056 2 546 2 772
Other financial assets 24 35 67 57
Current assets 12 629 12 660 12 920 12 849
Inventories 9 038 8 762 9 232 9 935
Trade and other receivables 3 282 3 327 2 392 2 374
Taxation 11 18 100
Other financial assets 14 3 20 1
Bank balances and cash 284 550 1 276 439
Total assets 31 952 31 995 31 918 32 422
Equity and liabilities
Shareholders' equity 22 605 22 782 22 842 22 669
Stated capital 37 37 37 37
Non-distributable reserves (2 137) (2 169) (2 322) (2 231)
Retained income 24 705 24 914 25 127 24 863
Non-current liabilities 4 450 4 466 4 458 4 474
Borrowings and other payables 259 254 227 241
Finance lease obligations 464 450 471 451
Deferred income tax liability 2 166 2 223 2 246 2 310
Provision for post-retirement medical costs 7 7 7 7
Non-current provisions 1 554 1 532 1 507 1 465
Current liabilities 4 897 4 747 4 618 5 279
Trade and other payables 4 186 4 293 3 957 4 644
Borrowings and other payables 155 148 104 151
Finance lease obligations 53 55 52 57
Taxation 124
Current provisions 280 251 381 427
Bank overdraft 223
Total equity and liabilities 31 952 31 995 31 918 32 422
Condensed group statement of cash flows
Quarter Quarter Quarter Nine months Year ended
ended ended ended ended 31 December
30 September 30 June 30 September 30 September 2011
2012 2012 2011 In millions of rand 2012 Audited
(146) 933 (909) Cash (outflow)/inflow from operating activities 481 (1 412)
(97) 978 (627) Cash generated (utilised in)/from 662 (879)
operations
3 2 7 Interest income 9 29
(36) (41) (23) Finance cost (127) (103)
(221) Dividend paid (221)
Income tax paid (20) (243)
(16) (6) (45) Realised foreign exchange movement (43) 5
(284) (331) (350) Cash outflows from investing (714) (1 212)
activities
(194) (117) (244) Investment to maintain operations (390) (924)
(21) (16) (85) Investment to expand operations (52) (266)
(71) (202) (21) Shares acquired in associate and equity (278) (180)
accounted investment
1 3 Proceeds on disposal of assets 4 106
1 1 Investment income - interest 2 2
Dividend from equity accounted 50
investments
(430) 602 (1 259) Net cash (outflow)/inflow (233) (2 624)
(77) (53) (189) Cash outflows from financing (170) (616)
activities
(77) (53) (189) Repayment of borrowings, finance (170) (616)
lease obligations and other payables
(507) 549 (1 448) (Decrease)/increase in cash and (403) (3 240)
cash equivalents
18 3 101 Effect of foreign exchange rate 25 173
changes
550 (2) 2 623 Cash and cash equivalents at 439 3 506
beginning of period
61 550 1 276 Cash and cash equivalents at end 61 439
of period
Condensed group statement of changes in equity
Treasury
share
Stated equity Other Retained Total
capital reserve reserves earnings
Quarter ended 30 September 2011
Balance as at 30 June 2011 37 (3 918) 1 317 25 665 23 101
Total comprehensive loss 420 (462) (42)
Management share trust: net of treasury share (1) (1)
purchases
Share-based payment reserve 5 5
Transfer of equity accounted earnings (145) 145
Dividend paid (221) (221)
Balance as at 30 September 2011 37 (3 918) 1 596 25 127 22 842
Quarter ended 30 June 2012
Balance as at 31 March 2012 37 (3 918) 1 579 25 133 22 831
Total comprehensive loss 123 (177) (54)
Share-based payment reserve 5 5
Transfer of equity accounted earnings 42 (42)
Balance as at 30 June 2012 (Reviewed) 37 (3 918) 1 749 24 914 22 782
Quarter ended 30 September 2012
Balance as at 30 June 2012 37 (3 918) 1 749 24 914 22 782
Total comprehensive loss (31) (148) (179)
Share-based payment reserve 2 2
Transfer of equity accounted earnings 61 (61)
Balance as at 30 September 2012 37 (3 918) 1 781 24 705 22 605
Segment information
Flat Steel Products
Quarter Quarter Quarter Nine months Year ended
ended ended ended ended 31 December
30 September 30 June 30 September 30 September 2011
2012 2012 2011 2012 Audited
4 996 5 617 5 281 Revenue (R million) 16 283 21 793
4 732 5 408 5 034 - External 15 736 21 092
264 209 247 - Internal 547 701
11 (51) (232) EBITDA (R million) 40 597
316 347 276 Depreciation and amortisation 948 1 133
(R million)
(305) (398) (508) Loss from operations (R million) (908) (536)
958 894 918 Liquid steel production ('000 tonnes) 2 834 4 060
733 837 798 Steel sales ('000 tonnes) 2 438 3 424
550 553 588 - Local 1 749 2 468
183 284 210 - Export 689 956
67 63 64 Capacity utilisation (%) 65 71
Long Steel Products
Quarter Quarter Quarter Nine months Year ended
ended ended ended ended 31 December
30 September 30 June 30 September 30 September 2011
2012 2012 2011 2012 Audited
2 929 3 116 2 322 Revenue (R million) 9 829 9 514
2 459 2 870 2 199 - External 8 321 8 044
470 246 123 - Internal 1 508 1 470
54 203 65 EBITDA (R million) 778 500
75 74 66 Depreciation and amortisation 220 269
(R million)
(21) 129 (1) (Loss)/profit from operations 558 231
(R million)
362 450 262 Liquid steel production ('000 tonnes) 1 213 1 393
364 412 335 Steel sales ('000 tonnes) 1 197 1 284
252 291 274 - Local 891 1 039
112 121 61 - Export 306 245
63 78 46 Capacity utilisation (%) 75 61
Coke and Chemicals
Quarter Quarter Quarter Nine months Year ended
ended ended ended ended 31 December
30 September 30 June 30 September 30 September 2011
2012 2012 2011 2012 Audited
429 372 400 Revenue (R million) 1 377 2 378
423 372 387 - External 1 349 2 317
6 13 - Internal 28 61
110 45 160 EBITDA (R million) 360 870
9 9 14 Depreciation and amortisation 28 52
(R million)
101 36 146 Profit from operations (R million) 332 818
54 134 162 Commercial coke produced 322 633
('000 tonnes)
110 89 92 Commercial coke sales ('000 tonnes) 343 631
25 26 27 Tar sales ('000 tonnes) 81 117
Corporate and other
Quarter Quarter Quarter Nine months Year ended
ended ended ended ended 31 December
30 September 30 June 30 September 30 September 2011
2012 2012 2011 2012 Audited
63 27 10 Operating profit/(loss) before 101 (247)
depreciation and amortisation
(R million)
(7) (8) (6) Depreciation and amortisation credit (23) (31)
(R million)
70 35 16 Profit/(loss) from operations 124 (216)
(R million)
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:
MJN Njeke* (Chairman), DK Chugh#, FA du Plessis*, M Macdonald*, S Maheshwari#, LP Mondi, DCG Murray*, ND Orleyn*,
G Urquijoº
# Citizen of India º Citizen of Spain * Independent non-executive
Executive:
N Nyembezi-Heita (Chief Executive Officer), RH Torlage (Chief Financial Officer)
Company Secretary
Premium Corporate Consulting Services (Proprietary) Limited
Sponsor
Deutsche Securities (SA) (Proprietary) Limited, 87 Maude Street, Sandton, 2146. Private Bag X9933, Sandton, 2146
Transfer Secretaries
Computershare Investor Services (Proprietary) Limited, 70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, Johannesburg, 2107
This report is available on 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
Date: 31/10/2012 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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