ArcelorMittal South Africa, a subsidiary of Lakshmi Mittal's global steel empire, has bounced back from the 632-million rand losses recorded in 2019, to post profit of 37 million rand for the year 2020, despite the coronavirus outbreak. "Despite a difficult year in which businesses had to adjust to the impact of COVID-19 in an already weak economy, ArcelorMittal South Africa (AMSA) was able to return to profitability in the second half of the year, as the benefits of substantial cost reduction initiatives and the implementation of an optimised asset footprint review over the past two years are showing positive results," Chief Executive Officer, AMSA, Kobus Verster said on Friday, after the company's financial results for the year ending December 31, 2020 were posted by the Johannesburg Securities Exchange.from Top Business News- News18.com https://ift.tt/2Os6L0m
