By Kim Richters 
 

The South African subsidiary of steelmaker ArcelorMittal (MT.AE) said Thursday that its 2019 earnings will be considerably lower than the previous period due to "an exceptionally difficult year."

ArcelorMittal South Africa Ltd. (ACL.JO) said its headline earnings for 2019 will decline by at least 4.3 billion South African rand ($298.3 million) compared with the year earlier and fall to a loss. In 2018, the company reported headline earnings of ZAR968 million.

Attributable profit for the year will decrease by at least ZAR6.1 billion and fall to a loss, the company said, while profit for 2018 was ZAR1.37 billion.

"The 2019 financial year unexpectedly represented the most challenging year since the global financial crisis for the world steel industry, and an exceptionally difficult year for the South African economy and ArcelorMittal South Africa," the company said.

The company's results will be published Feb. 6.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

January 23, 2020 11:10 ET (16:10 GMT)

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