Bloomberg reported that ArcelorMittal South Africa Limited has declined for a third day in Johannesburg trading after posting a worse than expected loss.

As per report, the shares slid 1.9% to ZAR 66.30, closing at its lowest level since December 20th 2011. The FTSE JSE Africa All Share Index was 0.6% lower. The full year loss excluding one time items was 13 cents a share, from a profit of ZAR 3.43 a year earlier. The result missed the average estimate of 10 analysts surveyed by Bloomberg for a profit of 64 cents.

Mr Mohamed Kharva, an analyst at Nedgroup Securities Limited, said that "It was a terrible fourth quarter, worse than expected. There are no shining stars on the horizon for this company in the next six to nine months."

Ms Nonkululeko Nyembezi Heita CEO of ArcelorMittal SA said that while there are signs local sales are improving, the South African construction outlook is bleak.

Ms Nyembezi Heita said that capital spending may drop to about ZAR 1 billion from ZR 1.2 billion in 2011. The company had a loss excluding one time items of ZAR 260 million in the final quarter of 2011, after a ZAR 497 million rand loss a year earlier.

(Sourced from www.bloomberg.net)