South African business executive Noluthando Gosa has seen the market value of her stake in ArcelorMittal South Africa slump by $13 million since the start of the year due to a combination of factors, including a devaluation of the South African rand and 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 R211.87 million ($13.12 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.
Gosa, a long-standing leader of esteemed institutions and a non-executive independent director at ArcelorMittal South Africa, derives most 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 68.62 percent, declining from R4.74 ($0.2514) on Jan. 1 to R1.65 ($0.0875) 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 combined impact of a double-digit percent slump in the group’s share price and the impact of currency devaluation, the market value of the stake held by Gosa has slumped by R211.87 million ($13.12 million) since the start of the year, falling from R325.01 million ($19.12 million) on Jan. 1 to R113.14 million ($5.99 million) at the time of writing.
Despite this setback, Gosa remains a respected figure in the business community, as she stands as a resolute force in the country, even amid share price declines and currency devaluation.