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Short-Form Announcement: Reviewed condensed consolidated financial results for the six months ended 30 June 2025
ArcelorMittal South Africa Limited
Registration number: 1989/002164/06
Share code: ACL ISIN: ZAE000134961
(ArcelorMittal South Africa, the Company or the group)
Short-Form Announcement: Reviewed condensed consolidated financial results for the six months ended 30
June 2025
Salient features
• International and domestic steel markets remained under • EBITDA loss (before exceptional items) after R1 075 million of
pressure, with some recent price improvements IDC funding support to neutralise the Longs Business
internationally operational losses
• Crude steel production increased by 5% to 1,3 million tonnes, • Headline loss of R1 014 million (2024 H1: R1 110 million)
reflecting improved asset utilisation in the Flats Business • Net borrowings were R4 620 million (2024 H2: R5 111 million),
• Sales volumes declined 11% to 1,05 million tonnes including capitalised interest and group charges totalling R421
• Realised steel prices were down 7% (5% in US Dollar terms) million, and deferred income of R842 million related to IDC
• Raw material basket (RMB) down 12%. International RMB funding earmarked for the continuation of the Longs Business
down 22%. (Both in Rand terms) in Q3 2025
• The Value Plan contributed R420 million (2024 H1: R434 • IDC funding has been applied in a responsible, transparent,
million) and considered manner, supporting productive capacity,
• Fixed costs declined 5% to R3 251 million (2024 H1: R3 417 preserving value chains, and protecting employment
million) • Company awaits to hear the outcome of the IDC due diligence
• EBITDA loss (before exceptional items) was R394 million process
(2024 H1: R221 million loss) • In the absence of a sustainable solution, the final wind-down of
the Longs Business remains scheduled for 30 September 2025
Key Statistics
Six months ended Year ended
30 June 2025 30 June 2024 % Change 31 December 2024
Financials (R millions)
Revenue 17 118 20 506 (16.5) 38 596
EBITDA before exceptional items (394) (221) 78.3 (1 816)
EBITDA (110) (221) (50.2) (2 947)
Loss from operations (533) (542) (1.7) (4 447)
Net loss (932) (1 214) 23.2 (5 839)
Headline loss (1 014) (1 110) 8.6 (5 102)
Net borrowing 4 620 3 793 21.8 5 111
Net asset value 1 034 6 587 (84.3) 1 963
Financial ratios (%)
EBITDA margin (2.3) (1.1) (4.7)
Return on ordinary shareholders' equity (on
headline earnings) (135.3) (30.9) (119.6)
Net borrowing to equity 446.8 57.6 260.2
Share statistics (cents)
Loss per share (84) (109) 22.9 (524)
Headline loss per share (91) (100) 9.0 (458)
Dividends per share - - - -
Net asset value per share (R) 0.93 5.91 (84.3) 1.76
Safety
Lost-time injury frequency rate 0.41 1.13 63.7% 1.14
Operational statistics ('000 tonnes)
Crude steel production 1 281 1 223 4.7 2 589
Steel sales 1 046 1 172 (10.8) 2 276
- Local 836 931 (10.2) 1 753
- Export 210 241 (12.9) 523
Commercial Coke 52 50 4.0 140
Segmental performance (R millions)
Steel operations
- Revenue 16 443 19 919 (17.5) 37 263
- EBITDA (429) (346) (24.04) (1 921)
Non-Steel operations
- Revenue 631 700 (9.9) 1 626
- EBITDA 63 150 (58.0) 324
Corporate including adjustments and
eliminations
- EBITDA (28) (25) (12.0) (219)
Share queries: Please call the ArcelorMittal South Africa Share care toll free on 0800 006 960 or +27 11 370 7850.
SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the board of directors of ArcelorMittal South Africa and is a
summarised version of the group's full announcement and as such, it does not contain full or complete details pertaining
to the group's results. This short-form announcement is itself not reviewed but extracted from the reviewed condensed
consolidated financial statements which was reviewed by Ernst & Young who issued a review opinion with a material
uncertainty regarding going concern on the reviewed consolidated interim financial statements.
Their review conclusion report can be obtained from the company's registered office and on the group's website at
https://southafrica.arcelormittal.com/InvestorRelations/InterimResults.aspx.
Any investment decisions by investors and or shareholders should be made after taking into consideration the full
announcement. The full results announcement is available for viewing at
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/ACL/AMSAInt25.pdf and on the group's website at
https://southafrica.arcelormittal.com/InvestorRelations/InterimResults.aspx.
Copies of a full announcement can be requested from the registered office by contacting (016) 889 2352. The short-
form announcement has not been audited or reviewed by the company's auditors.
Release date: 31 July 2025
Sponsor to ArcelorMittal South Africa Limited
Absa Bank Limited (acting through its Corporate and Investment Banking division)
Date: 31-07-2025 07:05:00
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