Steel giant Arcelor Mittal reported a headline loss of R448 million.
The steel company attributes its R448 million loss to load curtailment coupled with high inflation, high interest rates and low growth. Load curtailment is when Eskom asks large energy users to reduce their power usage, and it is one of the major issues that affected Arcelor Mittal’s performance.CEO at Arcelor Mittal South Africa Kobus Verster says, “The impact of that is very because on the one hand you disrupt your cost base.
Verster says, “From a security perspective. I think we spent about R200 million a year on security. It used to be 50. So, firstly we have like every other company we’ve got a tax on our premises from a cable theft perspective on a daily basis every day. So, the additional security for that then in addition to that we spent quite an amount on drones for Transnet Rail, for our routes to support them from cable theft.
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