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ArcelorMittal South Africa Ltd (ACLJ.J)

ACLJ.J on Johannesburg Stock Exchange

23 May 2017
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Latest Key Developments (Source: Significant Developments)

ArcelorMittal South Africa Q1 liquid steel production falls
Friday, 12 May 2017 01:37am EDT 

May 12 (Reuters) - Arcelormittal South Africa Ltd :Q1 liquid steel production was 28 000 tonnes (2.3%) lower.Q1 local sales were 30 000 tonnes (3.4%) lower, mainly due to weaker local demand for long products.Q1 export sales increased by 20 000 tonnes (8.8%).Q1 long product sales decreased by 27.7%, flat product sales increased by 10.7%.Q2 export sales to come under pressure due to weak international prices.Q2 local sales will continue to be under pressure due to tough trading conditions."Solution is required to protect downstream industry from cheap finished and semi-finished products that continue to be imported into country"."Continue to engage government and downstream industry on implementation of safeguards and initiatives to stimulate local demand".ITAC's decision to implement safeguards on hot rolled coil will provide benefit in terms of sales volumes, ability to consistently achieve basket price.Volatility in Rand/U.S. dollar exchange rate will continue to have an impact on financial results.  Full Article

Arcelormittal S.Africa says govt approves pricing principles
Friday, 17 Feb 2017 07:50am EST 

Arcelormittal South Africa Ltd : Conclusion of pricing principles following settlement with Competition Commission . Fair pricing principles have been approved by government . Agreement between co, government has been signed by Department of Trade and Industry and Department Of Economic Development . Price for flat steel products will be based on an import weighted basket price . Quarterly monitoring of import weighted basket, compliance with pricing mechanism will be responsibility of steel task team .In light of agreement, steel industry and in particular downstream will benefit from pricing of flat steel product.  Full Article

Kumba says joint Thabazimbi mine to be transferred to ArcelorMittal South Africa
Thursday, 9 Feb 2017 12:30am EST 

ArcelorMittal South Africa Limited : Arcelormittal South Africa/Kumba Iron Ore - Joint Thabazimbi mine to be transferred to Arcelormittal South Africa . Transfer is dependent on certain conditions being met .If conditions are not satisfied by 28 april 2017 (or a later date agreed to by companies), agreement will lapse and sioc will proceed with closure of mine..  Full Article

Arcelormittal South Africa sees narrow headline loss per share
Monday, 6 Feb 2017 02:01am EST 

Arcelormittal South Africa Ltd :Headline loss per share is expected to decrease from 1,338 cents to a headline loss per share within a range of 239 and 249 cents a share.  Full Article

ArcelorMittal S.Africa concludes contract manufacturing deal with Highveld
Thursday, 22 Dec 2016 04:57am EST 

ArcelorMittal South Africa Ltd : Conclusion of contract manufacturing agreement between ArcelorMittal SA and Highveld Structural Mill Proprietary . A contract manufacturing agreement has now been concluded between Arcelormittal South Africa, Highveld and HSM . This will result in re-opening of Highveld heavy section mill by business rescue practitioner . Re-opening of heavy section mill is a positive development and will result in added benefit of creating further jobs . Application that has been submitted to International Trade Administration Commission in this regard will need to be finalised . Agreement will operate for an initial period of two years with an option to extend for a further period of one year . Detail regarding implementation is being finalised but it is envisaged that heavy sections mill will begin operations in 2017 .Has an option to purchase business of HSM and land or shares in HSM.  Full Article

ArcelorMittal S.Africa notofies acquisition of beneficial interest in securities
Friday, 9 Dec 2016 07:37am EST 

ArcelorMittal South Africa Ltd : Says acquisition of a beneficial interest in securities . Acquisition, by way of subscription, by Amandla We Nsimbi Ltd on Dec.7, of 243.2 million shares such that B-BBEE co has beneficial interest in co .Acquisition, by way of subscription, by Isabelo Employee Share Trust on Dec.7, of 72.9 million "A2" shares.  Full Article

S.A's Competition Tribunal amends Commission, AMSA settlement
Wednesday, 16 Nov 2016 12:32pm EST 

S.Africa's Competition Tribunal: Confirmed settlement agreement between Competition Commission and ArcelorMittal South Africa, but made 2 amendments . Removed clause allowing co to exceed EBIT margin cap of 10 pct upto max margin gap 15 pct if raw materials basket seen above $350 per ton for any 3 months . New clause inserted that co engagement in exchange with govt depts, subject always to compliance with the Competition Act . Co committed to 4.6 bln rand capex over next 5 years; Commission agreed settlement would cover all pending cases against co . Has approved, without conditions, the large merger whereby Redefine will acquire Pivotal . Merger between FPT Group, logistical services company Tradekor has been approved by the tribunal without conditions . Has approved the merger of Unitrans Automotive and Koos Nel Group Further company coverage: [ACLJ.J] [PIVJ.J][RDFJ.J] (Bengaluru Newsroom: +91 806 749 1136).  Full Article

ArcelorMittal South Africa sees continued tough trading conditions in Q4
Tuesday, 8 Nov 2016 01:00am EST 

ArcelorMittal South Africa Ltd : Unaudited Operational Information For The Quarter Ended 30 September 2016 . Q3 liquid steel production was 67 000 tonnes (6 pct) . Q3 local sales were 20 000 tonnes (3 pct) higher driven mainly by flat products. . Q3 export sales decreased by 244 000 tonnes (64 pct) . Q3 commercial coke sales were 41 000 tonnes (48 pct) lower than quarter 3 of 2015 . Despite lost production, company ran at an effective capacity utilisation of 73 pct in the quarter compared to 72 pct . Export sales are expected to increase compared to quarter 3 2016, mainly due to increased Blue Water exports .Do not expect change in fourth quarter tough trading conditions due to lower steel demand.  Full Article

ArcelorMittal S.Africa announces terms of proposed BBBEE deal
Wednesday, 28 Sep 2016 01:40am EDT 

ArcelorMittal South Africa Ltd : Withdrawal of cautionary and terms of new B-BBEE transaction . All 10 applications for import duties on locally produced steel products have been gazetted at bound rate of 10 pct . Legacy issues regarding competition matters have been settled with Competition Commission, subject to approval of Competition Tribunal . AMSA's transaction costs for B-BBEE transaction of 28.7 mln rand, Likamva transaction costs it has settled, will be expensed . One off, non-cash cost of issue of A1 shares to B-BBEE Co, as at Sept. 26 2016 is 798 mln rand . Board recommends that AMSA shareholders vote in favour of resolutions required to implement B-BBEE transaction .AMSA has received 69.2 pct irrevocable undertaking from Arcelormittal Holdings AG to vote in favour of resolutions.  Full Article

SA's competition watchdog says ArcelorMittal to pay 1.5 bln rand fine
Monday, 22 Aug 2016 04:58am EDT 

S.Africa's Competition Commission: ArcelorMittal to pay R1.5 billion fine for its involvement in cartels . Agreed to remedies relating to complaints against its pricing conduct without admitting that its pricing conduct constituted a contravention of competition act . AMSA (ArcelorMittal South Africa) admits having been involved in long steel and scrap metal cartels, and agrees to pay an administrative penalty of R1.5 billion . AMSA has committed to a R4.6 capital expenditure over next five years . AMSA has undertaken that for a period of five years it will limit its EBIT margin to a cap of 10 pct for flat steel products sold in South Africa . Commission has, in turn, agreed that the settlement will cover all pending cases against AMSA including those still under investigation Further company coverage: [ACLJ.J] (Bengaluru Newsroom: +91 806 749 1136).  Full Article

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