ARCMITTAL:  185   -3 (-1.60%)  24/10/2019 00:00

ArcelorMittal South Africa Says Excess Of 2,000 Positions May Be Affected By Restructuring

July 10 (Reuters) - ArcelorMittal South Africa Ltd:

* TRADING STATEMENT AND BUSINESS REORGANISATION

* SEES HY HEADLINE EARNINGS TO DECREASE BY AT LEAST R650 MILLION TO HEADLINE LOSS, RESULTING IN FALL IN HEPS BY AT LEAST 59 CENTS

* SEES HY LOSS TO IMPROVE BY AT LEAST R700 MILLION (44%), RESULTING IN AN IMPROVEMENT OF LOSS PER SHARE BY AT LEAST 64 CENTS

* A LARGE-SCALE RESTRUCTURING IS CONTEMPLATED, AND IT IS ANTICIPATED THAT IN EXCESS OF 2 000 POSITIONS MAY BE AFFECTED

* FINAL OUT-COME AND NUMBER OF POSITIONS AFFECTED IS SUBJECT TO A FORMAL CONSULTATION PROCESS.

* MORE SIGNIFICANT MEASURES HAVE BECOME NECESSARY, INCLUDING REVIEW OF STAFFING LEVELS, TOGETHER WITH OTHER INTERVENTION

* PREVIOUS COST-SAVING INITIATIVES WILL NOT BE SUFFICIENT Source text for Eikon: Further company coverage:

2019-07-10 11:02:52

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