Wrap Text
Unaudited Quarterly Results
ArcelorMittal South Africa Limited
(“ArcelorMittal South Africa”, “the company” or “the group”)
Registration number: 1989/002164/06
Share code: ACL
ISIN: ZAE 000134961
Unaudited group earnings results and physical information for the quarter ended 31 March 2014
- Steel sales volume up 5% versus Q1 2013
- Positive EBITDA of R754 million
- Positive headline earnings of 81 cents per share
Overview
Globally the economy showed no clear trend. Overall there was some recovery in global steel demand, albeit off a very
low base, and demand in China remained moderate. International iron ore prices declined while steel prices increased
modestly compared to the preceding quarter. While solid growth, driven by infrastructure investments, continued in the
sub-Saharan Africa region, the sentiment in South Africa remained subdued. The relatively low activity in the manufacturing,
construction and mining sectors continued, and competition from imports remained high.
Our liquid steel production was 1 241 k tonnes, an increase of 213 k tonnes compared to the same period last year
which saw low production figures following the fire incident at Vanderbijlpark. Sales volumes increased 5% mainly due to
higher exports, while local sales volumes were down 11%.
Safety performance was satisfactory. The plant in Vanderbijlpark operated during the whole of first quarter without
any lost-time injury. Overall the lost-time injury frequency rate was 0.52, slightly higher than in the same period in the
previous year (0.43), but lower than the 2013 full year average of 0.56.
ArcelorMittal South Africa recorded a headline profit of R323 million for the quarter ended 31 March 2014, compared to
a headline loss of R270 million in the corresponding period last year. EBITDA improved by R585 million to R754 million
compared to the same period last year. This improvement was supported by the weakening of the rand and improved
competitiveness of iron ore supply.
The net cash position was negative at R191 million, following the build-up of metal stocks in preparation for the
reline of our blast furnace in Newcastle starting in May 2014.
Key statistics
Quarter ended
31 March 31 March 31 December
2014 2013 2013
Revenue (R million) 9 158 7 766 7 739
EBITDA (R million) 754 169 211
EBITDA/tonne (R/t) 665 156 217
EBITDA margin (%) 8.2 2.2 2.7
Profit/(loss) from operations (R million) 395 (208) (387)
Net profit/(loss) (R million) 322 (275) (2 256)
Headline earnings/(loss) (R million) 323 (270) (301)
Headline earnings/(loss) per share (cents) 81 (67) (75)
Net cash (191) 1 104 285
Liquid steel production (‘000 tonnes) 1 241 1 028 1 254
Steel sales (‘000 tonnes) 1 134 1 085 973
- Local 772 872 643
- Export 362 213 330
Commercial coke sales (‘000 tonnes) 91 85 182
Capacity utilisation (%) 77 64 77
Lost time injury frequency rate 0.52 0.43 0.33
Market review
International
Overall, the global economy continued the gradual recovery that began towards the end of last year. After years of
economic stagnation, slow growth coupled with rising inflation and unemployment rates, the troubled economies of Europe are
finally starting to show signs of recovery and production in Europe rose 7.3% in the past quarter.
Following two years of contraction, global steel demand improved slightly. In the United States this was driven by a
rise in demand from the automobile sector and recovery in the construction sector. However, stiff competition from
cheaper imports and an increase in the number of domestic producers that have new or expanded facilities contributed to a
significant oversupply of steel compared to demand in the US. In addition, poor weather conditions disrupted production and,
to some extent, supply and the country’s steel producers also had to contend with rising energy costs.
In China demand remained moderate, but growth has slowed following weaker infrastructure investment and a drop in the
real estate sector. Steel production declined during the period as the Chinese Lunar New Year holidays led to a slowdown
in industrial activity. A decline in the real estate market and weaker infrastructure investment growth in China led to
slower growth in steel demand. Overcapacity remains a challenge, despite the fact that China continues to drive global
demand.
In sub-Saharan Africa steel demand continued to be positively impacted by significant infrastructure investment in
roads, rail, housing development and energy projects, and various investment activities in the mining sector. Recent
investments in the oil and gas sectors are also stimulating steel demand and further growth prospects are expected to arise
from this activity.
Domestic
Slow economic growth and a weak GDP continued to dominate the domestic market during the fourth quarter of 2013.
Recent data suggests a further contraction and weaker activity in manufacturing and mining production, which increases the
risk that overall economic growth for the year ahead could be even lower. Coupled with this, the Purchasing Managers
Index (“PMI”) indicates low levels of confidence in the production sector. These conditions have led to continued weak steel
demand, with local producers and end-users facing stiff competition from cheaper imports. The recent rise in interest
rates has negatively impacted consumer spending and the affordability of new motor vehicles, a development that is likely
to affect steel demand in this market segment. Despite some positive levels in the average rand exchange rate, the
rising costs of doing business in South Africa continues to erode this advantage in the international market.
Financial review
Quarter ended 31 March 2014 compared with quarter ended 31 March 2013
Revenue increased 18% to R9.2 billion following an 11% increase in average net realised prices. Domestic prices were
14% higher while exports rose 9%. Steel shipments were up 5% overall - export shipments increased 70% but local shipments
decreased 11%. Long shipments dropped 6% while shipment of flat products were up 10%. At R479 million, revenue from the
Coke and Chemicals business was 26% higher. This followed a 7% increase in commercial coke sales volumes and additional
by-product sales of 31 000 tonnes. Net realised prices for coke and chemicals dropped 3%. Tar sales volumes decreased
7% while prices increased 23%.
Cash costs of hot rolled coil and billets increased 20% and 16% respectively. Prices for ore increased from R724/tonne
to R772/tonne. Import coal prices, in rand terms, rose 8% and pellets 26%. The costs of local coking coal and
electricity both rose 10% while pulverised coal costs increased 9%. Zinc and tin prices climbed 24% and 22% respectively. Liquid
steel production was 213 000 tonnes (21%) higher, resulting in improved capacity utilisation for flat steel at 79%
compared to 54% during the corresponding period in 2013. Long steel capacity utilisation decreased from 81% to 75%.
Operating profit improved by R603 million to a profit of R395 million. At R67 million, net financing costs for the
quarter were R13 million higher. This was due to the lower cash position partly offset by a higher foreign exchange profit.
Our share of the profit from equity accounted investments after taxation was R60 million, compared with a loss of R82
million in the corresponding quarter the year before. This relates to better results from Macsteel International Holding
BV and Coal of Africa.
Quarter ended 31 March 2014 compared with quarter ended 31 December 2013
Revenue increased 18% to R9.2 billion following a 17% increase in steel shipments. Local shipments were up 20% in line
with the seasonal trend, while exports increased 10%. Shipments for flat and long steel increased 19% and 13%
respectively. Local prices rose 1% and exports increased 3%, leading to an overall 2% increase in average steel prices for the
quarter. Both flat and long steel prices rose 1%. Revenue from the Coke and Chemicals business of R479 million was 16%
lower following a 50% decrease in commercial coke sales volumes due to increased internal demand. Net realised prices
increased by 7%. Tar sales volumes remained flat while prices increased 8%.
Cash costs of hot rolled coil and billets increased 3%. Prices for ore dropped from R782/tonne to R772/tonne, mainly
as a result of the new, more favourable supply agreement with Kumba. The cost of import coal and pellets decreased by 2%
on a US Dollar FOB basis. In rand terms import coal increased by 1% while pellets rose 10%. The cost of local coking
coal decreased 3% while scrap costs increased 14%. Liquid steel production was 13 000 tonnes (1%) lower. Capacity
utilisation for flat steel was higher at 79% (Q3: 77%) while capacity utilisation for long steel dropped marginally to 75%
(Q3: 76%).
Operating profit improved by R782 million to a profit of R395 million. Net financing costs of R67 million for the
quarter were R26 million higher due to a lower cash position and lower foreign exchange profit. Our share of the profit from
equity accounted investments after taxation of R60 million compares with a profit of R22 million in the previous
quarter. This relates to better results from Macsteel International Holding BV and Coal of Africa.
Environment
Notwithstanding the tough economic conditions currently being experienced, key environmental projects remain a focus
area in order to ensure environmental compliance. The most important project in this regard is the Newcastle zero
effluent discharge (ZED) project which involves improving effluent treatment at an estimated cost
of R430 million. The commissioning of this project is in progress and should be completed by end July 2014.
The proposed implementation of a carbon tax by the National Treasury was delayed until 2016 and the Minister of
Finance indicated that its design may also be revisited. This proposed tax remains a significant concern as it would have a
substantial financial impact on the company. Very limited opportunities exist to reduce carbon emissions in the steel
production process and there are currently no feasible low carbon alternatives to produce steel from iron ore. Therefore,
the intention of a carbon tax to change behaviour cannot be realised within the iron and steel industry. We foresee
further engagement with National Treasury on this important issue.
Contingent liabilities
The Competition Commission (“the Commission”) has thus far referred the five cases detailed below against ArcelorMittal
South Africa to the Competition Tribunal (“the Tribunal”) for prosecution. ArcelorMittal South Africa rejects the allegations
made in each of these cases and is defending itself accordingly.
1st wire rod matter - alleged price discrimination
In January 2007, the Commission referred a case to the Tribunal for prosecution. In the referral papers, the
Commission alleges that ArcelorMittal South Africa engaged in price discrimination on wire rod in contravention of section 9(1) of the
Competition Act. The Commission requests the Tribunal to find ArcelorMittal South Africa guilty of engaging in this alleged conduct.
Pleadings on the matter are now closed and it will now be set down for hearing before the Tribunal.
2nd wire rod matter - alleged price discrimination
In November 2012, the Commission referred another case relating to alleged price discrimination on wire rod to the
Tribunal for prosecution. This case is essentially the same as the case that was referred in January 2007. The parties and
the issues are identical save for the fact that the contravention alleged in this case is alleged to have taken place
during a later period being 2004 - 2006. Pleadings on this matter have also closed and it is also yet to be set down for a
hearing before the Tribunal. The Commission has in the meantime applied to the Tribunal to have this matter
consolidated with the 1st wire rod matter. This application is yet to be heard before the Tribunal.
Long steel matter - alleged cartel conduct
In September 2009, the Commission referred a case against ArcelorMittal South Africa and other primary steel manufacturers to the
Tribunal for prosecution. In the referral papers, the Commission alleges that the respondents fixed prices and allocated
markets in respect of certain long steel products, in contravention of section 4(1)(b) of the Competition Act. The
Commission requests the Tribunal to find ArcelorMittal South Africa guilty of the alleged contraventions and to impose an
administrative penalty of up to 10% of its total/group turnover for the year preceding the Tribunal’s decision on the matter.
Subsequent to the referral, ArcelorMittal South Africa wrote to the Commission requesting copies of the documents that make up the
Commission’s investigation record to enable it to draft and file its answering affidavit. This request was declined by
the Commission, prompting ArcelorMittal South Africa to file an application with the Tribunal in December 2009 for an order compelling
the Commission to provide these documents. In September 2010, the Tribunal handed down judgment refusing ArcelorMittal South Africa
access to the bulk of the requested documents for reasons of privilege and confidentiality. ArcelorMittal South Africa subsequently
appealed this judgment to the Competition Appeal Court (“CAC”). In April 2012 the CAC ruled essentially that the matter
be referred back to the Tribunal for a hearing to properly determine the validity of the privilege and confidentiality
claims. The Commission appealed this ruling to the Supreme Court of Appeal (“SCA”). On 31 May 2013 the SCA handed down
judgment effectively concurring with the CAC and further ordering the Commission to pay ArcelorMittal South Africa’s legal costs for
the appeal.
Before the matter could be set down for the hearing before the Tribunal, ArcelorMittal South Africa wrote to the Commission
inquiring if the Commission would be amenable to availing the documents in question without there being a need to convene a
Tribunal hearing. The Commission agreed, subject to confidentiality undertakings being made by ArcelorMittal South Africa regarding the
documents claimed to be confidential. These undertakings have now been made by ArcelorMittal South Africa; accordingly the Commission
is expected to make the documents available.
Flat steel matter - alleged conscious parallelism
On 30 March 2012, the Commission referred a case against ArcelorMittal South Africa and Evraz Highveld Steel and Vanadium Limited
(“Highveld Steel”) to the Tribunal for prosecution. In the referral papers, the Commission alleges that Highveld Steel
and ArcelorMittal South Africa fixed prices and other trading conditions in respect of certain flat steel products in contravention of
section 4(1)(b) of the Competition Act. 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 increased its prices. The Commission requests the Tribunal to find ArcelorMittal South Africa guilty of the
alleged contraventions and to impose an administrative penalty of up to 10% of its total/group turnover for the year preceding the
Tribunal’s decision on the matter.
Subsequent to the referral, ArcelorMittal South Africa wrote to the Commission requesting copies of the documents that make up the
Commission’s investigation record to enable it to draft and file its answering affidavit. The Commission reverted with a
proposal on the disclosure to both ArcelorMittal South Africa and Highveld Steel of those documents which, while constituting the
investigation record, are confidential documents of both companies made available to the Commission during the
investigation stage.
This proposal is currently the subject of an ongoing dispute between the Commission and Highveld Steel’s legal
representatives.
Scrap purchase - alleged cartel conduct
On 8 August 2013 the Commission referred a case against ArcelorMittal South Africa and other primary steel manufacturers to the
Tribunal for prosecution. In the referral papers the Commission alleges that the respondents fixed the purchase price and
other trading conditions for scrap metal, a secondary input product in steel making, in contravention of section 4(1)(b)
of the Competition Act.
The Commission requests the Tribunal to find ArcelorMittal South Africa guilty of the alleged contraventions and to impose an
administrative penalty of up to 10% of its total/group turnover for the year preceding the Tribunal’s decision on the matter.
ArcelorMittal South Africa is currently drafting its answering affidavit in this matter; this will be filed with the Tribunal
sometime during the second quarter of 2014.
Competition Commission investigations
The Commission is formally investigating one further complaint against ArcelorMittal South Africa relating to alleged excessive
pricing of tinplate and flat steel in general. Joined to this investigation is an investigation into alleged excessive
pricing arising from the iron ore surcharge introduced by ArcelorMittal South Africa for the period May 2010 to July 2010.
ArcelorMittal South Africa is fully co-operating with the Commission in this investigation and continues to deliver all information
and documentation as and when called upon to do so.
Outlook for second quarter 2014
During the second quarter of 2014 the reline of the blast furnace in Newcastle will commence. Stocks have been put in
place to assure that the domestic demand can be supplied during the project duration of approximately four months.
However, production cost will be high, and the market is expected to remain subdued overall. We expect this to negatively
impact our results.
Changes to the board of directors
Nku Nyembezi-Heita resigned as chief executive officer and executive board member with effect from 18 February 2014.
Dr Hans Ludwig Rosenstock was appointed as acting Chief Executive Officer and executive board member effective from 18 February 2014.
Basis of preparation
The unaudited consolidated condensed interim financial statements have been prepared in compliance with the Listing
Requirements of the JSE Limited, International Accounting Standard (IAS) 34, Interim Financial Reporting and the South
African Companies Act, No. 71 of 2008, as well as the SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee. These statements were compiled under the supervision of Mr MJ Wellhausen, the Chief Financial Officer.
On behalf of the board
Dr HL Rosenstock MJ Wellhausen
(Acting Chief Executive Officer and Chief Operating Officer) (Chief Financial Officer)
6 May 2014
Condensed group statement of comprehensive income
Quarter ended Year ended
31 December
31 March 31 March 31 December 2013
In millions of rand 2014 2013 2013 Audited
Revenue 9 158 7 766 7 739 32 421
Raw materials and consumables used (5 378) (4 324) (4 805) (19 652)
Employee costs (864) (802) (842) (3 408)
Energy (806) (663) (732) (3 288)
Movement in inventories of finished goods and work
in progress (13) (497) 267 1 196
Depreciation (353) (373) (433) (1 544)
Amortisation of intangible assets (6) (4) (7) (19)
Other operating expenses (1 343) (1 311) (1 574) (5 659)
Profit/(loss) from operations 395 (208) (387) 47
Impairment charges (1 950) (1 950)
Finance and investment income 41 16 33 108
Finance costs (108) (70) (74) (368)
Income/(loss) from equity accounted investments
(net of tax) 60 (82) 22 (35)
Profit/(loss) before tax 388 (344) (2 356) (2 198)
Income tax (charge)/credit (66) 69 100 51
Profit/(loss)/profit for the period 322 (275) (2 256) (2 147)
Other comprehensive income
Items that may be re-classified subsequently to
profit or loss 33 183 112 580
Exchange differences on translation of foreign
operations 45 151 83 561
Losses on available-for-sale investment taken to
equity (6) (6) (1) (9)
Share of other comprehensive income of equity
accounted investments (6) 38 30 28
Total comprehensive income/(loss) for the period 355 (92) (2 144) (1 567)
Profit/(loss)/profit attributable to:
Owners of the company 322 (275) (2 256) (2 147)
Total comprehensive income/(loss) attributable to:
Owners of the company 355 (92) (2 144) (1 567)
Attributable earnings/(loss) per share (cents)
- basic 80 (69) (562) (535)
Additional information
Quarter ended Year ended
31 December
31 March 31 March 31 December 2013
In millions of rand 2014 2013 2013 Audited
Reconciliation of headline earnings/(loss)
Profit/(loss) for the period 322 (275) (2 256) (2 147)
Adjusted for:
Impairment charges 1 950 1 950
Loss/(profit) on disposal or scrapping of assets 2 7 7 (37)
Tax effect (1) (2) (2) 10
Headline earnings/(loss) 323 (270) (301) (224)
Headline earnings/(loss) per share (cents) 81 (67) (75) (56)
Reconciliation of earnings before interest,
taxation, depreciation and amortisation (“EBITDA”)
Profit/(loss) from operations 395 (208) (387) 47
Adjusted for:
Depreciation 353 373 433 1 544
Amortisation of intangible assets 6 4 7 19
Tshikondeni mine closure costs 158 158
EBITDA 754 169 211 1 768
Condensed group statement of financial position
As at
As at As at 31 December
31 March 31 March 2013
In millions of rand 2014 2013 Audited
Assets
Non-current assets 18 504 19 520 18 602
Property, plant and equipment 14 514 16 039 14 702
Intangible assets 145 118 146
Equity accounted investments 3 834 3 343 3 737
Other financial assets 11 20 17
Current assets 14 826 12 133 14 113
Inventories 10 724 8 463 10 553
Trade and other receivables 2 907 2 399 2 194
Taxation 51 150 51
Other financial assets 5 7 17
Cash and bank balances 1 139 1 114 1 298
Total assets 33 330 31 653 32 715
Equity and liabilities
Shareholders’ equity 21 053 22 155 20 694
Stated capital 37 37 37
Non-distributable reserves (1 517) (2 072) (1 614)
Retained income 22 533 24 190 22 271
Non-current liabilities 4 029 3 921 4 099
Finance lease obligations 313 453 757
Provisions 1 700 1 376 1 328
Deferred income tax liability 1 782 1 849 1 747
Other payables 234 243 267
Current liabilities 8 248 5 577 7 922
Trade payables 5 627 4 224 5 720
Taxation 19 205 6
Bank overdraft 107
Borrowings 1 330 10 906
Finance lease obligations 94 63 95
Provisions 394 316 408
Other payables 775 759 680
Other financial liabilities 9
Total equity and liabilities 33 330 31 653 32 715
Condensed group statement of cash flows
Quarter ended Year ended
31 December
31 March 31 March 31 December 2013
In millions of rand 2014 2013 2013 Audited
Cash (outflows)/inflows from operating activities (259) 592 366 1 084
Cash (utilised in)/generated from operations (166) 594 521 1 595
Interest income 4 2 2 7
Finance cost (73) (29) (56) (169)
Income tax paid (17) (1) (99) (221)
Realised foreign exchange movement (7) 26 (2) (128)
Cash outflows from investing activities (193) (271) (660) (1 545)
Investment to maintain operations (187) (221) (692) (1 500)
Investment to expand operations (6) (18) (31) (69)
Shares acquired in associate and equity accounted
investment (1) (34) (9) (53)
Proceeds on scrapping of assets 1 71 72
Investment income - interest 1 1 1 5
Cash inflows/(outflows) from financing activities 363 (103) 886 674
Increase/(repayment) of borrowings, finance lease
obligations and other payables 363 (103) 886 674
(Decrease)/increase in cash and cash equivalents (89) 218 592 213
Effect of foreign exchange rate changes 37 12 24 94
Cash and cash equivalents at beginning of period 1 191 884 575 884
Cash and cash equivalents at end of period 1 139 1 114 1 191 1 191
Condensed group statement of changes in equity
Treasury
share
Stated equity Other Retained
In millions of rand capital reserve reserves earnings Total
Quarter ended 31 March 2013
Balance as at 31 December 2012 37 (3 918) 1 740 24 383 22 242
Total comprehensive income 183 (275) (92)
Share-based payment reserve 5 5
Transfer of equity accounted earnings (82) 82
Balance as at 31 March 2013 37 (3 918) 1 846 24 190 22 155
Quarter ended 31 December 2013
Balance as at 30 September 2013 37 (3 918) 2 166 24 548 22 833
Total comprehensive loss 111 (2 255) (2 144)
Management share trust: net of treasury share
purchases 5 5
Transfer of equity accounted earnings 22 (22)
Balance as at 31 December 2013 37 (3 918) 2 304 22 271 20 694
Quarter ended 31 March 2014
Balance as at 31 December 2013 37 (3 918) 2 304 22 271 20 694
Total comprehensive loss 33 322 355
Share-based payment reserve 4 4
Transfer of equity accounted earnings 60 (60)
Balance as at 31 March 2014 37 (3 918) 2 401 22 533 21 053
Segment information
Quarter ended
31 March 31 March 31 December
2014 2013 2013
Flat Steel Products
Revenue (R million) 6 157 4 929 5 036
- External 5 924 4 735 4 856
- Internal 233 194 180
EBITDA (R million) 214 (315) (156)
Depreciation and amortisation (R million) (284) (306) (354)
(Loss) from operations (R million) (70) (621) (510)
Liquid steel production (‘000 tonnes) 818 565 815
Steel sales (‘000 tonnes) 775 702 654
- Local 475 557 409
- Export 300 145 245
Capacity utilisation(%) 79 54 77
Long Steel Products
Revenue (R million) 3 114 2 885 2 545
- External 2 769 2 665 2 332
- Internal 345 220 213
EBITDA (R million) 320 315 193
Depreciation and amortisation (R million) (73) (70) (84)
Profit from operations (R million) 247 245 109
Liquid steel production (‘000 tonnes) 423 463 439
Steel sales (‘000 tonnes) 359 383 319
- Local 297 315 234
- Export 62 68 85
Capacity utilisation (%) 75 81 76
Coke and Chemicals
Revenue (R million) 479 380 567
- External 465 366 551
- Internal 14 14 16
EBITDA (R million) 109 147 132
Depreciation and amortisation (R million) (9) (9) (9)
Profit from operations (R million) 100 138 123
Commercial coke produced (‘000 tonnes) 85 91 72
Commercial coke sales (‘000 tonnes) 91 85 182
Tar sales (‘000 tonnes) 26 28 25
Corporate and other
EBITDA (R million) 111 22 42
Tshikondeni mine closure costs (158)
Depreciation and amortisation (R million) 7 8 7
Profit/(loss) from operations (R million) 118 30 (109)
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,
which could cause actual results and company plans and objectives to differ materially from those expressed or implied in
the forward-looking statement.
Registered office: ArcelorMittal South Africa Limited, Room N3-5, Main Building Delfos Boulevard, Vanderbijlpark, 1911
Directors: Non-executive: PM Makwana* (Chairman), DK Chugh†, FA du Plessis*, S Maheshwari†, JRD Modise*, LP Mondi,
NP Mnxasana*, DCG Murray*, GI Urquijoº
†Citizen of India º Citizen of Spain * Independent non-executive
Executive: Dr HL Rosenstock (Acting Chief Executive Officer and Chief Operating Officer), MJ Wellhausen#
(Chief Financial Officer)
#Citizen of Germany
Company Secretary: Premium Corporate Consulting Services Proprietary Limited
Sponsor: JP Morgan Equities South Africa Proprietary Limited, 1 Fricker Road, Illovo, 2196, Private Bag X9936,
Sandton, 2146
9 May 2014
Transfer secretaries: Computershare Investor Services Proprietary Limited, 70 Marshall Street, Johannesburg, 2001,
PO Box 61051, Marshalltown, 2107
This report is available on ArcelorMittal South Africa’s website at: http://www.arcelormittalsa.com
Share queries: Please call the ArcelorMittal South Africa share care toll free on 0800 006 960 or +27 11 370 7850
Date: 09/05/2014 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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