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South African businesswoman and leading executive Noluthando Gosa has seen the market value of her stake in ArcelorMittal South Africa (ArcelorMittal SA) slump by $1 million in recent times 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, has seen her stake in ArcelorMittal SA decline by R19.2 million ($1.01 million) in the past 32 days 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 Sept. 21, ArcelorMittal SA shares on the Johannesburg Stock Exchange have slumped by 16.36 percent, declining from R1.65 ($0.08721) on September 21 to R1.38 ($0.0729) at the time of writing, thus leading to losses amounting to millions of dollars for its shareholders, including 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 R19.20 million ($1.01 million) in the past 32 days, falling from R117.32 million ($6.20 million) on Sept. 21 to R98.12 million ($5.18 million) at the time of writing.
