Noluthando Gosa, a South African businesswoman and leading executive, has seen the market value of her stake in ArcelorMittal South Africa (ArcelorMittal SA) fall by approximately $9 million since the beginning of the year due to a significant drop in the shares of the Gauteng-based multinational steel manufacturing firm.
According to HowAfrica data, Gosa, recognized as one of South Africa’s most rich CEOs, had her position in ArcelorMittal SA lose R168.51 million ($8.95 million) in market value as investors on the local exchange continue to lower their interests in the steelmaker.
ArcelorMittal SA, a subsidiary of the Luxembourg-based global steel manufacturing corporation ArcelorMittal, has a capacity of 7 million metric tonnes of liquid steel per year and is headquartered in Gauteng.
Gosa, a long-serving head of prestigious organizations and a non-executive independent director of ArcelorMittal South Africa, derives the majority of her wealth from a well-diversified investment portfolio, which includes a 6.15 percent interest in the Gauteng-based steelmaker.
ArcelorMittal SA shares on the Johannesburg Stock Exchange have fallen by half since the beginning of the year, falling from R4.74 ($0.2465) on Jan. 1 to R2.37 ($0.1233) at the time of writing, resulting in losses of millions of dollars for its owners, including the Gosa.
As a result of the group’s share price dropping by double digits, the market value of Gosa’s stake has dropped by R168.51 million ($8.95 million) since the beginning 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 current share decrease follows a warning business update in which ArcelorMittal SA cautioned that load shedding and chronically high debt will result in a loss for the six months ending June 2023.
Despite this loss, Gosa remains a respected business figure, and her investments continue to span multiple industries. However, the large drop in ArcelorMittal SA shares highlights the difficulties that the company and its stakeholders face.