ArcelorMittal South Africa (Mittal) has shut down its Vanderbijlpark plant, after a fire on Saturday caused extensive damage to the steelmaking facilities, the company said on Monday.
No injuries were reported as a result of the incident.
“Once detailed assessments of the damage and required repairs have been carried out, the potential loss of sales and estimates of the time to repair will be determined,” the steel producer said in a statement.
Assistance from other ArcelorMittal Group plants was being sought to establish alternative sources of supply to mitigate the negative impact on its customers.
In addition, support from key suppliers was being enlisted to ensure speedy repair of the damaged facilities.
“Our insurers have also been notified and we will be working with them to assess the potential losses. A letter declaring force majeure will be issued to customers within the next 24 hours,” the company noted.
Mittal’s share price fell to a low of R32.83 a share on the JSE on Monday, down 7.57% on Friday's close of R35.52 a share; however, the company's share price recovered slightly to R33.12 a share by close of day.