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ArcelorMittal and Anglo American under pressure from low commodity prices


economy

ArcelorMittal and Anglo American under pressure from low commodity prices

Low commodity prices continue to cause problems for companies in that sector – but things could be worse.

ArcelorMittal, the world’s largest producer of steel, is warning of lower profits this year as falling iron ore prices hit its mining business and worldwide demand for steel remained weak.

But its shares rose because the company surprised investors by managing to cut its debt to the lowest level since it was created in 2006.

Global miner Anglo American is also under pressure with commodity prices tumbling .

It posted a 25 percent drop in underlying operating profit for last year as iron ore prices have halved in the past 12 months and copper has also slid.

Anglo American had to write down the value of particularly its Minas Rio mine in Brazil, plagued by delays and cost overruns.

But cost cuts meant its share dividend payouts were unchanged.

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