Steel producer ArcelorMittal SA says despite fairly weak trading conditions, it saw a rise in headline earnings to 50c per share in the third quarter ended September, and a positive cash position. But net cash fell sharply to R575m from the R1.1bn seen in the preceding quarter, following the normalisation of working capital after a devastating fire temporarily shut its main Vanderbijlpark plant earlier this year. The results also included a net positive effect from an insurance claim of R179m for the fire that had ravaged the Vanderbijlpark facility. Steel sales rose 3% year on year to 1.13-million tonnes, rising 9% quarter on quarter.
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