JOHANNESBURG - ArcelorMittal SA says it still has the resolve to turn the business around, but it's a tough road to forge.
The steelmaker reported a 30% drop in revenue for the first half of the year.
This was due to weak demand, elevated imports and a stronger rand weighing on performance.
Its headline loss widened by 47% to nearly R1.5 billion.
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Steel production dropped by 35% after the company placed its long steel business into care and maintenance.
It said cost-cutting measures, operational improvements and procurement savings are beginning to show results.
But it warns the local steel industry remains under pressure from high imports.
Costs linked to electricity, logistics and global geopolitical tensions continue to weigh on the business.