ArcelorMittal reported HEPS down 46.8% to a loss of 132c for the first half, in line with its trading statement of a 132c to 137c loss. Revenue declined 30%, reflecting a 35% fall in crude steel production, lower realised steel prices and a stronger Rand, with like-for-like revenue down 1.4%. The larger loss reflected weaker volumes, elevated imports, non-recurring charges, blast furnace disruptions and continued pressure on profitability, although fixed costs declined and underlying EBITDA improved through the period. Management said the turnaround continues to gain momentum, supported by operational simplification, cost reductions and improved liquidity.
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