Arcelor Mittal at a loss

Steel producer Arcelor Mittal SA plunged into losses in the first quarter to March. Its headline loss of R237million compared with a R1,14billion profit in the fourth quarter of last year. The loss, said chief executive Nonkululeko Nyembezi-Heita, reflected the decline in demand and high raw material input costs, exacerbated by sharply lower income from the chemicals business and losses on foreign currency transactions. - Marcia Klein

Steel producer Arcelor Mittal SA plunged into losses in the first quarter to March. Its headline loss of R237million compared with a R1,14billion profit in the fourth quarter of last year. The loss, said chief executive Nonkululeko Nyembezi-Heita, reflected the decline in demand and high raw material input costs, exacerbated by sharply lower income from the chemicals business and losses on foreign currency transactions. - Marcia Klein

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