Home » ArcelorMittal plunge wipes out $5.7 million from wealth of South African tycoon Noluthando Gosa

ArcelorMittal plunge wipes out $5.7 million from wealth of South African tycoon Noluthando Gosa

by Omokolade Ajayi
Noluthando Gosa

Noluthando Gosa, a South African businesswoman and leading executive, has experienced a staggering loss of $5.7 million in just one day as shares of ArcelorMittal South Africa (ArcelorMittal SA) plummeted by over 40 percent.

According to data tracked by Billionaires.Africa, Gosa, renowned as one of South Africa’s most affluent executives, witnessed her stake in ArcelorMittal SA suffer a market value decline of R102.16 million ($5.71 million) as investors reacted to the group’s latest trading update, leading to a substantial slump in its share price.

ArcelorMittal SA, a subsidiary of the Luxembourg-based multinational steel manufacturing firm ArcelorMittal, holds an impressive annual production capacity of 7 million metric tonnes of liquid steel and has its headquarters in Gauteng.

Gosa, a long-standing leader of esteemed institutions and a non-executive independent director at ArcelorMittal South Africa, derives the majority of her fortune from a well-diversified investment portfolio, including a 6.15-percent stake in the Gauteng-based steelmaker.

Over the past 24 hours, Gosa’s stake in ArcelorMittal SA has declined from R239.3 million ($13.4 million) at the opening of the Johannesburg Stock Exchange on Tues., July 18, to R137.13 million ($7.67 million) at the time of compiling this report.

This considerable reduction in the market value of her stake is attributed to a 42.7-percent plunge in the company’s shares, falling from R3.49 ($0.195) on July 18 to R2 ($0.112) on July 19, ultimately leading to the group’s market capitalization dipping below $130 million.

The recent decline in the company’s shares follows a cautionary trading update in which ArcelorMittal SA warned that load shedding and persistently high debt would result in a loss for the six months ending June 2023.

The company anticipates a decline in earnings per share, ranging from a loss of R0.30 ($0.0168) to R0.38 ($0.0212) per share, compared to the previous period’s profit of R2.76 ($0.154) per share.

Despite the setback, Gosa remains a respected figure in the business community, and her investments continue to span various sectors. However, this significant loss in ArcelorMittal SA shares underscores the challenges the company and its stakeholders face.

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