Rising rand to take gloss off steel group’s steady recovery

ArcelorMittal South Africa (AMSA) CEO Wim de Klerk says he still expects the steel group to enjoy a better second half than was the case in the six months to June 30, but admits that the recent strengthening in the rand against the US dollar is likely to weigh on financial performance. The JSE-listed group has not reported a profit since 2010 and reported a headline loss of R458-million in the first half of 2016.