ArcelorMittal South Africa: to close loss-making factories

ArcelorMittal South Africa, one of the subsidiaries of the world's leading steel producer ArcelorMittal, announced on September 25 that it will close its factories, which are currently losing money following a data revision.

ArcelorMittal South Africa suffered a huge operating loss, losing about R222 million in the first half of 2019, which is a sharp decrease compared to last year's operating profit of R1.22 million.

This plan was quite supported by the investor and the market, which expected to restore the financial health of the group.