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| Paul O’Flaherty |
The CEO of ArcelorMittal SA,
Paul O’Flaherty, has warned of a "bloodbath year", indicating
that anti-dumping duties of as much as 30%-60% on some Chinese steel products
could be needed to sustain the cash-strapped steel maker’s operations.
SA’s largest steel maker said it would seek to raise R4bn-R4.5bn by way
of a rights issue underwritten by Luxembourg-based shareholder ArcelorMittal
and that it was in talks with government on measures to ensure the longer-term
viability of SA’s steel industry.
