AMSA posts gaping loss as Chinese imports bite

ArcelorMittal South Africa (AMSA) on Friday posted a full-year loss that was 23 times wider than its loss of a year earlier, as the steelmaker grappled with cheap imports from China and rising labour and electricity costs. The ArcelorMittal SA unit, which is reviewing operations at its major export-focused plant in Saldanha on South Africa's west coast, reported a headline loss of 1 338c a share for the year ended Dec. 31, compared with 57c the previous year.