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Steel giant ArcelorMittal crashes by more than 40% after being warned it has ‘underestimated’ SA’s slowdown

Shares in Arcelor Mittal, South Africa’s largest steelmaker, crashed 43% on Tuesday afternoon, wiping out about R1.7 billion from shareholder value. This came after it announced that it had turned into a temporary loss after underestimating the economic effects of dumping the unprecedented loads on its customers. The group said in a trade update that … Read more