ArcelorMittal South Africa flags deeper losses in H1 2026 update

ArcelorMittal South Africa (ArcelorMittal SA), the Gauteng-based steelmaker, has warned that losses are set to widen in the first half of 2026, according to a trading statement released in line with the Johannesburg Stock Exchange’s listing requirements.

The steelmaker said it expects a significant deterioration in key earnings metrics for the six months ended June 30, 2026, compared to the same period last year, triggering the need for a market update under JSE rules.

Losses widen sharply in first half

Based on preliminary figures, ArcelorMittal SA expects earnings per share (EPS) to decline from a loss of 84 cents in the comparable period to a loss ranging between R1.10 and R1.14 per share. This represents a further decline of approximately 31% to 36%.

Headline earnings per share (HEPS), a key measure of underlying performance, is also projected to weaken, falling from a loss of 91 cents per share to between R1.32 and R1.37 per share. That marks a steeper drop of about 45% to 51%.

In the first-half of 2025, the steelmaker reported a net loss of R932 million ($52 million), as the group battled persistent industry headwinds, sliding steel prices, and weak domestic demand. The loss, which amounted to R932 million ($51.66 million), compared to R1.21 billion ($67.29 million) in the previous period, reflects the ongoing pressure on both international and local steel markets. Steel sales volumes dropped 11% to 1.05 million tonnes, while average realized prices fell 7%, exacerbating revenue decline by 16.5% to R17.12 billion ($947.72 million).

JSE rules trigger disclosure

Under the JSE Listings Requirements, companies must publish a trading statement once there is reasonable certainty that financial results will differ by 20% or more from a previous reporting period. ArcelorMittal South Africa’s projected decline exceeds that threshold across both EPS and HEPS.

Full results expected July 30

The company said its reviewed condensed consolidated financial statements for the six months will be released via the JSE’s Stock Exchange News Service (SENS) on Thursday, July 30, 2026.

A virtual presentation to investors and stakeholders is scheduled for the same day, where management is expected to provide further context on performance and outlook.

The anticipated results come as the steelmaker continues to navigate a challenging operating environment, with cost pressures and market dynamics likely weighing on profitability. However, the company has not yet provided detailed drivers behind the expected decline in this trading update.