ArcelorMittal SA heads for huge loss; to shed 1,000 jobs

ArcelorrMittal South Africa (AMSA), the South African subsidiary of global steel magnate Lakshmi Mittal, has said it would report a R4 billion (about $2,8m) headline loss for the year ended December 2019, with plans to shed 1,000 jobs finalised as part of its cost-cutting measures.

AMSA's huge loss follows on a profit of R1,37b (about $951m) in 2018.

AMSA had announced plans for a large-scale reorganisation of its plants across the country six months ago,