Ailing steel producer ArcelorMittal South Africa said yesterday its strongest annual results since 2008 were buoyed by soaring steel prices, and after cutting its debt by two-thirds.
For the year ended December 31, headline earnings of R6.86 billion recovered from a loss of R2.033bn the prior year, while headline earnings per share were R6.15 against headline loss per share of R1.85 for 2020.
Revenue increased by 61 percent to R39.7bn due to a 13 percent rise in total steel sales volumes and a 47 percent increase in net-realised steel sales prices.
Ebitda (earnings before interest, taxes, depreciation, and amortisation) of R8.57bn compared with only R37m in the previous period, while operating profit increased substantially from a loss of R963m in 2020 to a profit of R7.98bn.
