ArcelorMittal SA optimistic that renewables will support steel demand

VAAL TRIANGLE - ArcelorMittal SA still has some hopes left after seeing its earnings fall by over R400 million. The steel producer said the burden of power cuts, high inflation, high-interest rates, and mixed growth in key steel-consuming sectors such as manufacturing, mining, and construction has weighed on it. The company released its interim results on Thursday, which showed earnings that fell by over R400 million. ArcelorMittal cited falling international commodity demand affected most sectors. eNCA reports steel demand remained muted which put significant pressure on local prices. However, the steel giant is optimistic that renewables and regional infrastructure projects are expected to support steel demand in the medium and long term.

PHOTO: (Supplied)