The most protected company in South Africa

ArcelorMittal South Africa, the most protected company in South Africa, has reported a staggering R1.49 billion loss, despite the government's unprecedented trade protection measures. The company's long products business, which accounts for a significant portion of its operations, has been placed under care and maintenance, highlighting the extent of the protection afforded to the firm. However, this protection has had severe downstream consequences, with 90% of employment in South Africa's steel industry now reliant on the company, raising concerns about the long-term sustainability of the industry.