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    ACL   ZAE000134961

ARCELORMITTAL SOUTH AFRICA LTD

(ACL)
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End-of-day quote Johannesburg Stock Exchange  -  05-15
7.630 ZAR   -1.68%
05/12S.Africa's ArcelorMittal shares down 6% on second day of strike
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05/12S.Africa's ArcelorMittal shares down 6% on second day of strike
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05/10S.African labour union to strike at ArcelorMittal over wages
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S.Africa's ArcelorMittal shares down 6% on second day of strike

05/12/2022 | 11:15am EDT
ArcelorMittal plant is seen in Vanderbijlpark, an industrial city south of Johannesburg

(Reuters) - ArcelorMittal South Africa Ltd's share price was down 5.97% at 1500 GMT on Thursday on the Johannesburg Stock Exchange on the second day of a strike over wages, as workers picketed outside its factories.

The National Union of Metalworkers of South Africa (NUMSA) began a strike at Africa's biggest steel company on Wednesday, after wage negotiations broke down last week.

South Africa's labour court on Wednesday ordered that workers at the company's steel plants, blast furnaces and coke batteries be excluded from an ongoing job boycott, after ArcelorMittal argued these are essential services barred from striking by law, NUMSA said.

"Justice Mahosi of the labour court interdicted the strike temporarily but only for workers in the blast furnaces, coke batteries and the steel plant, until a final judgment has been made," NUMSA said in a statement.

The union wants a 10% pay increase, a housing allowance and payment of 80% of medical insurance costs, against the company's final offer of a 7% wage increase.

ArcelorMittal was not available to comment.

A NUMSA spokesperson said she could not immediately establish how many of union members worked in the departments affected by the court order but said NUMSA was the biggest union at ArcelorMittal, with about half of the company's permanent employees affiliated to it.

The company, majority owned by Luxembourg-based ArcelorMittal SA, had 7,133 permanent workers at the end of 2021, its latest annual report showed.

On Thursday, scores of striking workers picketed outside ArcelorMittal's Vereeniging plant about 100 kilometres south of Johannesburg, chanting protest songs, burning tyres and blocking roads with cement blocks and debris as police kept a close watch.

"We want a 10% salary increase, that's why we are standing outside," Marake Mokoena, a crane driver, told Reuters.

"This is because (the price of) everything is increasing, petrol, food and everything, but the company doesn't want to give us that percentage, so we will fight until we get that 10% increase."

(Reporting by Nelson Banya; editing by Jason Neely and David Evans)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ARCELORMITTAL 2.67% 27.15 Real-time Quote.-3.54%
ARCELORMITTAL SOUTH AFRICA LTD -1.68% 7.63 End-of-day quote.-14.08%
CRANE CO. -0.29% 90.54 Delayed Quote.-11.00%
DOW JONES AFRICA TITANS 50 INDEX 0.59% 503.72 Real-time Quote.-7.16%
DOW JONES SOUTH AFRICA(ZAR) 0.55% 1958.9 Real-time Quote.-1.85%
S&P AFRICA 40 INDEX 0.69% 161.08 Real-time Quote.-9.14%
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Financials
Sales 2022 39 952 M 2 466 M 2 466 M
Net income 2022 5 140 M 317 M 317 M
Net cash 2022 736 M 45,4 M 45,4 M
P/E ratio 2022 1,66x
Yield 2022 -
Capitalization 8 504 M 525 M 525 M
EV / Sales 2022 0,19x
EV / Sales 2023 0,14x
Nbr of Employees 7 013
Free-Float 24,1%
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Last Close Price 7,63 ZAR
Average target price 10,50 ZAR
Spread / Average Target 37,6%
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Hendrik Jacobus Verster Chief Financial Officer & Executive Director
Suretha van Wyk Chief Financial Officer & Director
Paul Mpho Makwana Independent Non-Executive Chairman
Werner Venter Chief Technology Officer
Jake Olivier Chief Operating Officer
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