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Africa's largest steelmaker ArcelorMittal SA warned shareholders on Monday that its hoped-for pickup in demand failed to materialise in 2023, when it swung into a loss far in excess of its R1.6 billion market value.
The company warned shareholders to expect a fall of between 166% and 197% in headline earnings per share in year to end-December, or a loss of as much as about R2.1 billion.
Headline earnings exclude certain one-off items, and basic earnings fared even worse, declining as much as 261%, or a loss of as much as R4.3 billion.
