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ARCELORMITTAL SOUTH AFRICA LIMITED - ACL - Updated Trading Statement for the six months ended 30 June 2019

Release Date: 29/07/2019 15:16
Code(s): ACL     PDF:  
 
Wrap Text
ACL - Updated Trading Statement for the six months ended 30 June 2019

ArcelorMittal South Africa Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1989/002164/06)
Share Code: ACL ISIN: ZAE000134961
(“ArcelorMittal South Africa” or “the Company”)

UPDATED TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2019

Shareholders are advised that ArcelorMittal South Africa is in the process of
finalising its financial results for the six months ended 30 June 2019 ("the period").

Shareholders are referred to the Company’s trading statement released on the Stock
Exchange News Service (“SENS”) of the JSE Limited (“JSE”) on 10 July 2019 in which
the Company expected:
   • headline earnings for the period to decrease by at least R650 million (headline
      earnings for 2018 was R54 million) to a headline loss resulting in a decrease
      in headline earnings per share by at least 59 cents.
   • loss for the period to improve by at least R700 million (44%) resulting in an
      improvement of loss per share by at least 64 cents.

In accordance with section 3.4(b) of the JSE Listing requirements, and further to the
trading statement released on 10 July 2019, shareholders are advised of the following
likely earnings ranges for the period:

   •   The headline earnings per share is expected to decrease from 5 cents per share
       to a headline loss per share within a range of 53 and 63 cents per share, when
       compared to the prior corresponding period.
   •   The loss per share is expected to improve from 147 cents per share to a loss
       within a range of 54 and 64 cents per share (63% and 56% change) when compared
       to the prior corresponding period.

As indicated in the trading statement issued on 10 July 2019, the company continues
to face challenges as a result of the difficult trading environment in South Africa.
A decrease in international steel prices coupled with the increase in cost of
electricity, rail transport and raw material have further contributed to these
challenges.

The financial information on which this trading update is based has not been reviewed
and reported on by the Company’s external auditors.

ArcelorMittal South Africa’s interim results for the six months ending 30 June 2019
will be released on SENS on 1 August 2019 with a presentation in Johannesburg on the
same day. The presentation will be available for all stakeholders on the Company’s
website at www.southafrica.arcelormittal.com.


Vanderbijlpark
29 July 2019

For further information please contact:
Vuyo Mtawa: Manager: Corporate Communications
Tel: (016) 889 4100

Company Secretary: Nomonde Bam

Sponsor to ArcelorMittal South Africa Limited
Absa Bank Limited (acting through its Corporate and Investment Banking division)

Date: 29/07/2019 03:16:00
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