Shares of SA's largest steel producer ArcelorMittal SA (Amsa) slumped more than 15% on Tuesday, after it flagged a crash in earnings amid pressure from lower prices, softer demand and rampant coal and transport price hikes.
The group, which will report annual financial results next month, expects headline earnings per share to fall by between 60% and 65% in its year to end-December. The price of steel is falling faster than raw materials.
By midday, AMSA's share price was down more than 15% to R4, having more than halved over the past year.
