ArcelorMittal South Africa returns to profit as tight supply lifts prices
ArcelorMittal South Africa has returned to a profit in Earnings Before Interest, Tax, Depreciation and Amortisation. This is for the year ended December 2020. Africa’s largest steel producer has also reduced its headline loss by 38 per cent. ArcelorMittal CEO, Kobus Verster joins CNBC Africa for more.
Thu, 11 Feb 2021 15:53:31 GMT
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AI Generated Summary
- ArcelorMittal South Africa has returned to profitability for the year ending December 2020, with Earnings Before Interest, Tax, Depreciation, and Amortization turning positive and the headline loss reduced by 38%.
- The company's CEO, Kobus Verster, attributed the turnaround to years of restructuring and cost-cutting measures, which have helped transform the business operations and position it for future growth.
- Despite the challenges posed by the global pandemic and economic uncertainties, ArcelorMittal South Africa remains optimistic about the future outlook for the steel industry and the company's profitability.
ArcelorMittal South Africa, the continent's largest steel producer, has announced a return to profitability for the year ended December 2020. The company's CEO, Kobus Verster, revealed that the Earnings Before Interest, Tax, Depreciation, and Amortization had turned positive, marking a significant milestone for the company. Moreover, the headline loss has been reduced by 38%, signaling a positive shift in the financial health of the company. Verster attributed this turnaround to years of restructuring and cost-cutting measures that have transformed the business operations. Despite the challenging economic conditions in 2020, including the impact of the global pandemic, the company managed to make a profit in all quarters except for the second quarter, which experienced a total lockdown. Verster expressed optimism about the company's future outlook and the steel industry at large.
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