Despite blast furnace challenges in Vanderbijlpark, AMSA demonstrates agility

VANDERBIJLPARK - ArcelorMittal South Africa yesterday said in addition to difficult trading conditions in local and regional markets, it has been hurt by operational interruptions for two blast furnaces at Vanderbijlpark. Spokesperson, Tami Didiza, said the company is hoping for an interest rate cut during the second half of the year after losses widened on weaker demand. It logged a loss of R1.11 billion in the six months to June 30, compared to a loss of R448 million in the same period last year. AMSA said despite challenges, including chilled hearth conditions at the Vanderbijlpark blast furnaces in April and May, the company demonstrated operational agility. Didiza said management's swift response minimised supply disruptions to customers and implemented cost-saving measures. He said the decision to continue operations of the long steel products business, located in Vereeniging and Newcastle, underscores the company's commitment to the Southern African steel industry. Crude steel production during the first half slid 10% to 1.2 million metric tons, while sales volumes dipped 2% to 1.2 million tons. Realised rand steel prices dropped 3%.

PHOTO: (Supplied)