South African businesswoman Noluthando Gosa loses $7.8 million in nine weeks

Omokolade Ajayi -

Following a gain of more than $6.7 million in the first week of 2022, South African businesswoman Noluthando Gosa’s stake in ArcelorMittal South Africa has dropped by more than $7.8 million in the past nine weeks.

ArcelorMittal South Africa is a steel manufacturing company based in South Africa. The company’s operating segments include flat steel products, long steel products, coke, and chemicals.

ArcelorMittal South Africa, one of the subsidiaries of ArcelorMittal, a Luxembourgian multinational steel manufacturing corporation, ranks as one of the leading steel producers on the African continent, with an annual production capacity of 7 million tonnes of liquid steel.

Gosa, who serves on the board of directors of ArcelorMittal South Africa, has a beneficial 6.15-percent stake in the Gauteng-based steelmaker.

Shares in the leading South African steelmaker were trading at R4.46 ($0.247) at the time of writing this post, 45 basis points higher than their opening price this evening, according to data tracked by Billionaires.Africa.

Since July 29, exactly nine weeks ago, shares in the company have fallen by more than 30 percent, from a price of R6.54 ($0.361) per share to R4.46 ($0.247) per share at the time of writing this report, bringing the company’s market capitalization below R5.1 billion ($280 million).

The market value of her stake has dropped from R448.43 million ($24.8 million) on July 29 to R305.81 million ($16.91 million) as a result of the current price drop.

This amounts to a total loss of R142.62 million ($7.89 million) for the South African businesswoman in the previous seven weeks, bringing her year-to-date loss on their holdings to $16.7 million, up from $8.87 million.

Gosa began her corporate South African career in 1989 as a brand manager at Protea Pharmaceuticals, a major biopharmaceutical company. She has since risen to become a South African business leader with extensive experience in leading national companies.

In addition to her role as a director at ArcelorMittal South Africa, Gosa sits on the boards of Mobile Telephone Networks Holdings, the Institute of Directors, and The Businesswomen’s Association.