South African tycoon Noluthando Gosa suffers $8.9-million loss

Yusuf Abdulfatai -

South African businesswoman and leading executive Noluthando Gosa has seen the market value of her stake in ArcelorMittal South Africa (ArcelorMittal SA) slump by about $9 million since the start of the year due to a significant decline in the shares of the Gauteng-based multinational steel manufacturing firm.

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 R168.51 million ($8.95 million) as investors on the local bourse continue to reduce their stakes in the steelmaker.

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.

Since the start of the year, ArcelorMittal SA shares on the Johannesburg Stock Exchange have slumped by 50 percent, declining from R4.74 ($0.2465) on Jan. 1 to R2.37 ($0.1233) at the time of writing, thus leading to losses amounting to millions of dollars for its shareholders, including the Gosa.

As a result of the double-digit percent slump in the group’s share price, the market value of the stake held by Gosa has slumped by R168.51 million ($8.95 million) since the start of the year, falling from R337.02 million ($17.90 million) on Jan. 1 to R168.51 million ($8.95 million) at the time of writing.

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.

Despite this 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.