JOHANNESBURG (Scrap Monster): Africa's largest steel producer, ArcelorMittal South Africa, has announced its financial results for the third quarter and the first nine months of 2012, posting a loss for the third quarter, and adding that it expects a widened loss for the fourth quarter due to lower domestic demand and production losses.
Additionally, ArcelorMittal South Africa has lately shut down its electric arc furnaces at its Vanderbijlpark plant, following the local government's notice informing the company that it has breached air emission licensing standards.
In the third quarter, ArcelorMittal South Africa registered a net loss of ZAR 148 million ($17.1 million) compared to a net loss of ZAR 462 million in the corresponding quarter of 2011. EBITDA for the given quarter increased to ZAR 238 million ($27.5 million) compared to ZAR 3 million in the third quarter of the previous year. The company's sales revenue amounted to ZAR 7.61 billion ($879.76 million), slightly decreasing from ZAR 7.61 billion in the corresponding quarter of 2011.
In the first nine months of the current year, ArcelorMittal South Africa reported a net loss of ZAR 46 million ($5.31 million), compared to a net profit of ZAR 192 million in the corresponding period of the previous year. The company's EBITDA for the period in question amounted to ZAR 1.27 billion ($147.8 million), down 22 percent year on year, while the sales revenue increased by five percent year on year to ZAR 25.4 billion ($2.94 billion).
Meanwhile, third quarter steel shipments were down three percent, with flat product shipments dropping eight percent, while long product shipments were up nine percent, all on year-on-year basis. ArcelorMittal South Africa's local shipments decreased by seven percent offset by higher exports which rose by nine percent, both compared to the same quarter of 2011.
ArcelorMittal South Africa's liquid steel production in the third quarter increased to 1.32 million mt, up 11.9 percent year on year, while liquid steel production for the first nine months amounted to 4.04 million mt.
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