Steel maker ArcelorMittal banking on renewables to bounce back

JOHANNESBURG - The burden of power cuts, high inflation, high-interest rates, and mixed growth in key steel-consuming sectors such as manufacturing, mining, and construction has weighed on steel producer ArcelorMittal.

The company released its interim results on Thursday.

It saw earnings fall by over R400 million.

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ArcelorMittal cited falling international commodity demand affected most sectors.

Steel demand remained muted which put significant pressure on local prices.

But the steel giant is optimistic Renewables and regional infrastructure projects are expected to support steel demand in the medium and long term.