ArcelorMittal South Africa’s (AMSA’s) share price on the JSE rose by more than 12% on Thursday morning as the company announced that it expects to report a 25% to 30% narrowing in its losses a share for the six months ended June 30.
The company’s loss a share is expected to decrease from the 203c reported for the six months ended June 30, 2017, to between 142c and 152c apiece for the six months under review.
The loss a share includes a fair value adjustment on the reclassification of the equity accounted investment in Macsteel to an asset held for sale.
Further, AMSA expects to swing to headline earnings a share of between 1c and 9c for the six months to June 30 – a 101% to 106% improvement on the headline loss a share of 148c reported for the prior comparable period.
AMSA will publish its interim results on August 1.