Wrap Text
Notice of AGM, publication of the 2025 annual financial statements and integrated report and a change statement
ARCELORMITTAL SOUTH AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1989/002164/06)
JSE Share code: ACL ISIN: ZAE 000134961
("ArcelorMittal South Africa" or "the company")
NOTICE OF ANNUAL GENERAL MEETING, PUBLICATION OF THE 2025 ANNUAL FINANCIAL
STATEMENTS AND INTEGRATED REPORT AND A CHANGE STATEMENT
NOTICE OF ANNUAL GENERAL MEETING AND SALIENT DATES
The notice of the annual general meeting (AGM), together with the necessary supporting information, has been
distributed to shareholders today.
Shareholders are further advised that the AGM of the company's shareholders will be held via electronic
communication at 09:00 on Friday, 26 June 2026. The company has appointed Computershare Investor
Services Proprietary Limited (Computershare) to host the AGM on an interactive electronic platform to facilitate
electronic voting by shareholders.
Important dates and times in relation to the AGM
ISSUER NAME ArcelorMittal South Africa
Limited
TYPE OF INSTRUMENT Ordinary Shares
ISIN NUMBER ZAE000134961
JSE CODE ACL
MEETING TYPE Annual General Meeting
MEETING VENUE Electronic Participation
RECORD DATE – to determine which shareholders are entitled to Friday, 24 April 2026
receive the notice of meeting
PUBLICATION/POSTING DATE Thursday, 30 April 2026
LAST DAY TO TRADE – Last day to trade to determine eligible Monday, 15 June 2026
shareholders that may attend, speak and vote at the meeting
RECORD DATE – Record date to determine eligible shareholders that Friday, 19 June 2026
may attend, speak and vote at the meeting
ELECTRONIC PARTICIPATION DATE – to complete the electronic 09:00 on Wednesday, 24 June
participation application form in order to participate in and/or vote at the 2026
AGM by
MEETING DEADLINE DATE – for administrative purposes, forms of 09:00 on Wednesday, 24 June
proxy for the meeting to be lodged by 2026
MEETING DATE 09:00 on Friday, 26 June 2026
PUBLICATION OF RESULTS ON SENS Monday, 29 June 2026
WEB SITE LINK – the notice of AGM, including the form of proxy and https://arcelormittalsa.com/
electronic participation application form, is available on the company's InvestorRelations/Shareholders.
website at aspx
Any shareholder (or a representative or proxy for a shareholder) who wishes to participate in and/or vote at the
AGM by way of electronic communication, must either:
• Register online using the online registration portal at https://meetnow.global/za, prior to the
commencement of the AGM; or
• Complete the electronic participation application form below and email Computershare at
proxy@computershare.co.za by 09:00 on Wednesday, 24 June 2026 ("electronic participation date"),
in order for such participation to be arranged for the shareholder and for the transfer secretaries to
provide the shareholder with the details as to how to access the AGM by means of electronic
communication.
Shareholders may still register/apply to participate in and/or vote electronically at the AGM after the electronic
participation date, provided, however, that the shareholders are verified (as required in terms of section 63(1) of
the Companies Act) and are registered at the start of the AGM
ANNUAL FINANCIAL STATEMENTS AND INTEGRATED REPORT
Shareholders are advised that the company's integrated report and the audited annual financial statements
for the financial year ended 31 December 2025 ("audited annual financial statements"), are available for
viewing and downloading from the Company's website on the following links:
The integrated report:
https://www.arcelormittalsa.com/InvestorRelations/IntegratedAnnualReports.aspx
The audited annual financial statements:
https://www.arcelormittalsa.com/InvestorRelations/AnnualFinancialStatements.aspx
and on the following JSE cloudlink:
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/ACL/AFS-FYE25.pdf
The auditor's report:
https://www.arcelormittalsa.com/InvestorRelations/AnnualFinancialStatements.aspx
The audited annual financial statements, integrated report and the auditor's report are also available for
inspection at the company's registered offices.
CHANGE STATEMENTS
The audited annual financial statements contain changes to the previously published preliminary reviewed
condensed consolidated results for the year ended 31 December 2025 and which were released on SENS on
5 February 2026 ("reviewed financial results").
The changes made are as follows:
1) The change arose from finalisation of an impairment assessment carried out on a project in terms of
IAS 36, Impairment of assets. The project entails the construction of a gas treatment plant to
address the impact of the group's coke making operations and is recognized within property, plant
and equipment, as assets under construction. The recoverable amount of the capitalized project
costs to date was determined to be lower than the carrying amount, based on the conclusion that the
original footprint of the project had reduced subsequent to the closure of the majority of the group's
coke making operations. The project costs have therefore been impaired by R112 million.
The reviewed financial results overstated property, plant and equipment of the group by R112 million
and the retained loss of the group was understated by R112 million. The loss for the year was
understated by R112 million. The loss per share changed from 260 cents per share to 270 cents per
share, headline loss per share remained unchanged at 301 cents per share.
2) The change arose from reclassification of a financial asset based on the definition of cash and cash
equivalents in terms of IAS 7, Statement of cash flows, given that on closer scrutiny of the nature of
the asset, being fixed deposits with a maturity of more than 12 months, it was concluded that the
asset is not considered liquid and should therefore not be presented as cash and cash equivalents,
but rather as other non-current financial assets.
The reviewed financial results understated non-current other financial assets of the group by R315
million, and the cash, bank balances and restricted cash of the group were overstated by R315
million. The reviewed financial results understated cash flows utilised in investing activities and net
decrease in cash, cash equivalents and restricted cash of the group by R315 million, and the cash,
cash equivalents and restricted cash at the end of the year of the group were overstated by R315
million. The reclassification from current assets to non-current assets had no impact on loss for the
year, and therefore no change was made to the loss or headline loss per share.
3) The change arose from reclassification of the non-current portion of a working capital loan, received
from the IDC in 2024, following a cross-default with the BBF Loan agreement, given that the group's
liabilities exceed its assets at 31 December 2025. The default had the result that the full outstanding
amount became payable on demand, resulting in the non-current portion of R630 million being
reclassified to borrowings under current liabilities, in accordance with IFRS 9, Financial instruments.
The reviewed financial results overstated non-current liabilities of the group by R630 million, and the
current liabilities of the group were understated by R630 million. The reclassification from non-
current liabilities to current liabilities had no impact on loss for the year, and therefore no change
was made to the loss or headline loss per share.
4) The change resulted from a reclassification of finance costs to other operating expenses following
closer scrutiny of certain costs included in the finance costs line item.
The reviewed financial results understated other operating expenses and loss from operations of the
group by R37 million, and the finance costs of the group were overstated by R37 million. The
reclassification from finance costs to other operating expenses had no impact on loss for the year,
and therefore no change was made to the loss or headline loss per share
The adjustment affected the Statement of Financial Position, the Statement of Comprehensive Income,
Statement of Cash Flows and the Statement of Changes in Equity as noted in the tables below.
Condensed Consolidated Statement of Financial Position at 31 December 2025
Reviewed Audited Difference
R'm R'm R'm
Assets
Non-current assets 9 775 9 978 203
Property, plant and equipment 7 829 7 717 (112)
Investment properties 1 090 1 090 -
Intangible assets 60 60 -
Equity accounted investments 217 217 -
Investment held by environmental trust 576 576 -
Non-current receivable 3 3 -
Other financial assets - 315 315
Current assets 11 351 11 036 (315)
Inventories 6 682 6 682 -
Trade and other receivables 1 921 1 921 -
Other financial assets - - -
Cash, bank balances and restricted cash 2 678 2 363 (315)
Asset held for sale 70 70 -
TOTAL ASSETS 21 126 21 014 (112)
Equity and Liabilities
Shareholders' equity (317) (429) (112)
Stated capital 4 537 4 537 -
Non-distributable reserves (3 147) (3 147) -
Retained income (1 707) (1 819) (112)
Non-current liabilities 8 852 8 222 (630)
Borrowings 6 106 5 476 (630)
Finance lease obligations 194 194 -
Provisions 1 560 1 560 -
Trade and other payables 209 209 -
Other financial liabilities 783 783 -
Current liabilities 12 591 13 221 630
Borrowings 3 020 3 650 630
Finance lease obligations 52 52 -
Current provisions 803 803 -
Trade and other payables 8 515 8 515 -
Other financial liabilities 89 89 -
Taxation payable 112 112 -
Total equity and liabilities 21 126 21 014 (112)
Net liability value per share is adjusted from 28 cents to 38 cents.
Condensed Consolidated Statement of comprehensive income for the year ended 31 December 2025
Reviewed Audited Difference
R'm R'm R'm
Revenue 32 291 32 291 -
Other income 1 921 1 921 -
Raw materials and consumables used (17 353) (17 353) -
Employee costs (3 592) (3 592) -
Energy (6 073) (6 073) -
Movement in inventories of finished goods and work
in progress (2 135) (2 135) -
Depreciation (1 024) (1 024) -
Amortisation of intangible assets
Impairment of trade and other receivables (15) (15) -
Impairment loss and movement in expected credit
losses of trade and other receivables (11) (11) -
Impairment of equity-accounted investments (2) (2) -
Impairment of property, plant and equipment - (112) (112)
Reversal of impairment/(impairment) of property, plant
and equipment and intangible assets 245 245 -
Other operating expenses (6 146) (6 183) (37)
Loss from operations (1 894) (2 043) (149)
Finance and investment income 230 230 -
Finance costs (1 467) (1 430) 37
Fair value adjustments on investment property 198 198 -
Gain/(loss) on remeasurement of asset held-for-
sale 8 8 -
Gain on bargain purchase 1 1 -
Income after tax from equity-accounted investments 16 16 -
Loss before tax (2 908) (3 020) (112)
Income tax credit/(expense) 8 8 -
Loss for the year (2 900) (3 012) (112)
Other comprehensive (loss)/profit
Items that will not be reclassified to profit or loss (net
of tax):
Fair value adjustment on equity instruments - - -
Revaluation of property, plant and equipment 272 272 -
Items that may be reclassified subsequently to profit
or loss:
Exchange differences on translation of foreign (13) (13)
operations -
Share of other comprehensive income of equity- (1) (1)
accounted investments -
Other comprehensive income for the year 258 258 -
Total comprehensive loss for the year (2 642) (2 754) (112)
Loss attributable to:
Owners of the company (2 642) (2 754) (112)
Total comprehensive loss attributable to:
Owners of the company (2 642) (2 754) (112)
Earnings per share information (cents)
Reviewed Audited Difference
Loss per share (260) (270) (10)
Diluted loss per share (260) (270) (10)
Headline loss per share (301) (301) -
Diluted headline loss per share (301) (301) -
Condensed Consolidated Statement of cash flows for the year ended 31 December 2025
Reviewed Audited Difference
Cash flows utilised in operating activities (23) (23) -
Cash generated from operations R'm 561 R'm 561 R'm -
Finance income 90 90 -
Finance costs (682) (682) -
Income taxation received/(paid) 8 8 -
Cash flows utilised in investing activities (824) (1 139) (315)
Investment to maintain and expand operations (1 004) (1 004) -
Receipt of dividends from equity-account investments 32 32 -
Proceeds from disposal of property, plant and 14 14 -
equipment
Proceeds from disposal of asset held-for-sale 134 134 -
Investment in other financial assets - (315) (315)
Cash flows utilised in financing activities (40) (40) -
Borrowings: Borrowing-base facility raised 4 700 4 700 -
Borrowings: Borrowing-base facility repaid (4 500) (4 500) -
Borrowings: Loan from Industrial Development (200) (200) -
Corporation repaid
Repayment of principal lease liabilities (40) (40) -
Net decrease in cash, cash equivalents and (887) (1 202) (315)
restricted cash
Effect of foreign exchange rate changes on cash, (29) (29) -
cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at the 3 594 3 594 -
beginning of the year
Cash, cash equivalents and restricted cash at the 2 678 2 363 (315)
end of the year
Condensed Consolidated Statement of changes in equity for the year ended 31 December 2025
Reviewed Audited Difference
R'm R'm R'm
Stated capital 4 537 4 537 -
Treasury share equity reserve (2 065) (2 065) -
Other reserves (1 082) (1 082) -
Retained earnings (1 707) (1 819) (112)
Shareholders' equity (317) (429) (112)
Vanderbijlpark
30 April 2026
For further information please contact:
Company Secretary
FluidRock Co Sec (Pty) Ltd
016 -889 4077
Tami Didaza: Manager: Corporate Communications
Tel: (016) 889 2549
Sponsor to ArcelorMittal South Africa Limited
Absa Bank Limited (acting through its Corporate and Investment Banking division)
Date: 30-04-2026 02:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
