IDC Aid Staves Off ArcelorMittal South Africa Steel-Mill Closure
ArcelorMittal SA 's South African unit will postpone the planned closure of two key steel mills by six months after a local state development-finance institution agreed to provide a 1.683 billion-rand ($91 million) facility and the government pledged to address problems plaguing the industry.
The loan from the Industrial Development Corp. will enable ArcelorMittal South Africa Ltd. to defer the winddown of its Newcastle and Vereeniging mills until at least Aug. 31, the company, known as Amsa, said in a statement Monday. The funds will stave off the immediate loss of about 3,500 jobs, with the producer suspending consultations on those cuts, it said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 hours ago
- Yahoo
MultiChoice Group Ltd (MCHOY) (FY 2025) Earnings Call Highlights: Strategic Growth Amidst ...
Release Date: June 12, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. MultiChoice Group Ltd (MCHOY) achieved 3.7 billion rand in cost savings, surpassing their target and nearly doubling the previous year's savings. The company reported encouraging growth in new revenue lines such as DSTV Internet, DSTV 3, Kingmakers, and Showmax. Showmax saw a 44% growth in active paying subscribers, gaining market share despite initial challenges. The company maintained a healthy cash balance of 5.1 billion rands, with access to additional undrawn banking facilities. MultiChoice Group Ltd (MCHOY) is strategically positioned to benefit from the long-term growth potential of the African continent, with a focus on expanding streaming and interactive entertainment services. The company experienced an 8% decline in its linear customer base, with active subscribers dropping to 14.5 million. Foreign currency depreciation, particularly in Nigeria, led to a 5.2 billion rand currency impact on the top line. Showmax's growth lagged initial targets, and the company is critically reviewing its business plan due to slower than expected demand. The South African economy's challenges, including high unemployment and low economic growth, negatively impacted MultiChoice's discretionary services. The company's reported trading profit was materially down year on year, impacted by foreign currency pressures and investment in Showmax. Warning! GuruFocus has detected 8 Warning Signs with MCHOY. Q: How are you thinking about price increases across your customer segments for South Africa and the rest of Africa given the pressure you're seeing on the subscriber base? A: Our view is to align price increases with inflation. We believe there is good value in our product at various price levels. However, due to high inflation in many markets, we expect these increases to impact subscriber data. We are seeing stability in foreign currency, which should help consumers adjust to current pricing levels. Q: Can you explain the difference in decoder purchases between South Africa and the rest of Africa? A: In the rest of Africa, particularly Nigeria, we reduced subsidies to offset currency impacts and consumer distress. In South Africa, we are balancing economic outcomes while moving towards removing subsidies, especially with alternatives like DSTV stream available. Q: Can you provide insight into the cost trajectory for Showmax this year? A: There is an element of startup costs, with $70 million invested in platform development. The rest are ongoing costs. Subscriber growth hasn't met expectations, and we are working on initiatives to reduce costs materially. Price increases will depend on market take-up and competitor actions. Q: After increasing prices for Showmax, did you see any change in subscriber activity? A: The trend has been cyclical as expected, with no material change in subscriber activity following the price increase. Q: Can you expand on group subscriber trends and whether attrition will continue or stabilize? A: Year-on-year, this year is better than last. However, the end of the English Premier League season typically sees a decline. Higher decoder prices mean fewer subscribers, but those who pay tend to stay longer, which is favorable during this period. Q: What are the expectations for Showmax subscriber growth, and why hasn't it met initial expectations? A: Broadband pricing assumptions haven't materialized, slowing subscriber growth. Macroeconomic conditions have also impacted us. We are revising our business plan to align with market realities. Q: What is the status of regulatory approvals for the proposed acquisition by Canal Plus? A: We need approvals from several countries, and things are progressing as expected. We anticipate receiving the necessary support before the long-stop date of October 8th. Q: Why was the MultiChoice South Africa dividend reduced despite profitability? A: The macroeconomic situation necessitates a cautious approach to capital preservation and debt management. Despite cost reductions, the South African business has lost subscribers and revenue. We need to support the balance sheet and ensure long-term sustainability. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Miami Herald
10 hours ago
- Miami Herald
What do Republicans think of Elon Musk? What a poll found after feud with Trump
In the wake of his public feud with President Donald Trump, Elon Musk's popularity with Republicans has waned slightly, according to new polling. In the latest AP-NORC survey, 26% of Republicans said they had a very favorable opinion of the billionaire businessman. By comparison, that figure stood at 38% in April, marking a 12-point decline over the course of two months. Overall, though, a majority of GOP respondents, 64%, said they had either a very or somewhat favorable view of Musk, which is only down 3 points from 67% in April. Meanwhile, Democrats expressed slightly less aversion to Musk. Sixty-five percent of Democrats said they have a very unfavorable view towards the South African-born SpaceX CEO. This is down from 74% in April, marking a 9-point shift. But, the overall share of Democrats who have either a very or somewhat unfavorable view has remained relatively steady — dropping just 2 points from 87% to 85%. And, among Americans generally, Musk's popularity, or lack thereof, has not changed much. Fifty-seven percent of all respondents have a somewhat or very unfavorable view of him, while 34% have a somewhat or very favorable view. In April, these figures stood at 57% and 32%, respectively. The latest poll — which sampled 1,158 U.S. adults June 5-9 and has a margin of error of 4 percentage points — came one week after Musk and Trump had an explosive falling out. The rift, which played out publicly, appeared to end the high-profile partnership between the world's richest man with the world's most powerful man. It began on June 5, when, during a White House press event, Trump said he was 'very disappointed' with Musk over his opposition to the GOP-backed spending bill. He also claimed Musk — who formally left his position at the Department of Government Efficiency days earlier — may be suffering from 'Trump Derangement Syndrome.' In response, Musk posted a series of inflammatory messages on X directed at the president. 'Without me, Trump would have lost the election,' he wrote, adding 'Such ingratitude.' He also claimed the president is named in the Epstein files — a series of documents related to investigations of convicted sex offender Jeffrey Epstein — and shared a post calling for Trump to be impeached. Musk later deleted the post, AP reported. Later, Trump accused Musk of having gone 'CRAZY' and told CNN 'I'm not even thinking about Elon. He's got a problem.' In recent days, Musk has taken a conciliatory approach. 'I regret some of my posts about President @realDonaldTrump last week,' he wrote on X on June 11. 'They went too far.' That post came after a phone call between the two men on June 9, according to the New York Times.
Yahoo
11 hours ago
- Yahoo
Is Elon Musk a U.S. citizen? The SpaceX billionaire is no longer a DOGE government employee
Tesla CEO, SpaceX founder and South Africa-born billionaire Elon Musk became a 'special' federal employee in February, allowing him to work for the federal government with or without pay for a limited time. Now, around four months later, Musk is coming off the heels of a very public falling out with President Trump shortly after leaving his position as the head of the Department of Government Efficiency (DOGE). While there are some exceptions, according to the U.S. Office of Personnel Management, you generally must be a U.S. citizen to work for the federal government. And since supporting President Trump's 2024 campaign, flurries of comments on social media posts about Musk often accuse him of not being a U.S. citizen. Following the news of his job and due to his and President Donald Trump's strong views on immigration, some asked, "Is Elon Musk a U.S. citizen?" The short answer is yes. Regardless of his current employment status (or lack thereof) with the Trump Administration, it's still one of the most commonly asked questions about the wealthiest man in the world. Here's where Elon Musk's citizenship status stands, which countries he grew up in and where he currently lives. Musk and Trump's relationship: A timeline from campaign cash to 'disgusting abomination' Musk left his position with DOGE at the end of May and, about a week later, on June 5, started posting accusatory tweets on his social media platform X, formerly Twitter. He berated Trump's 'big, beautiful bill,' calling it a 'disgusting abomination,' and even accused of being involved with the late child sex trafficker Jeffrey Epstein in now-deleted posts on X. But on June 11, Musk posted on X, 'I regret some of my posts about President @realDonaldTrump last week. They went too far.' Musk hasn't changed his opinion about the bill yet, at least publicly. While Musk has deleted some of his more inflammatory posts about Trump, some posts about killing the bill are still up on his X profile. What we know after his apologetic post: Does Musk still oppose the 'Big Beautiful Bill?' 'Musk has been a U.S. citizen since 2002 according to a 2023 biography of Musk by journalist Walter Isaacson,' Politifact and CNN reported. Musk was born in Pretoria, South Africa, in 1971. His father, Errol Musk, is a South African businessman, politician, mine owner, consultant, and property developer. His mother, Maye Musk, is Canadian. Through her, Elon Musk also has Canadian citizenship. In his college years, Musk came to the U.S. on an Exchange Visitor Visa, which allows visa holders to teach, lecture, instruct, study, conduct research, consult, receive graduate training and more. In October, the Washington Post reported that Musk was — at one point — working illegally during his startup days in Silicon Valley, while he and his brother were creating PayPal. President Biden later echoed the Post's report, which went viral on X, Musk's social media platform formerly known as Twitter. Musk fired back on X, saying that he 'was in fact allowed to work in the U.S.,' and described his immigration journey as a 'gray area," CNN reported. Regardless of whether or not he was working illegally at the start of his career, Musk is now a U.S. citizen and maintains his primary residence in the U.S. Elon Musk surrenders: World's richest man is caving to Trump after their epic feud Musk was mostly raised in South Africa. He moved to Canada when he was 17 to study at Queen's University in Kingston, Ontario. In 1992, he transferred to the University of Pennsylvania in Philadelphia, where he graduated with bachelor's degrees in economics and physics. Yes, Elon Musk lives in the U.S. Currently, his main residence is in Boca Chica, Texas, the location of SpaceX Headquarters. He has a tiny home and a small two-bedroom home in the area, according to Architectural Digest. 'In 2021, Musk revealed in a post on X that he was living in a three-bedroom ranch, also in Boca Chica. He claimed to be renting the $50,000 property from SpaceX,' Architectural Digest reported in January. 'Like his tiny home, the property is a short drive from his company's beachfront launch site, SpaceX Starbase.' According to Forbes' real-time billionaires list, Musk is the richest man in the world as of Tuesday, Feb. 4, 2025. He ranks just slightly above Jeff Bezos. Musk is worth more than $400 billion, according to Reuters. Contributing: Kinsey Crowley, USA TODAY This article originally appeared on Palm Beach Post: Elon Musk and Donald Trump: Is the SpaceX billionaire a U.S. citizen?
