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Highlights

Commentary

Significant escalations in electricity and raw material prices experienced during 2010 continued throughout 2011. This, together with pressures on global steel prices and various operational problems placed enormous pressures on operating margins, resulting in a headline loss of R52 million for the year ended 31 December 2011. No dividend has been declared.

There was a reduced headline loss of R260 million for the fourth quarter of 2011 compared with the R460 million loss reported in the preceding quarter and R497 million loss for the corresponding quarter of 2010.

EBITDA halved to R1.7 billion with the main contributors being lower sales and significantly higher input costs.

Production was severely impacted by four significant production interruptions during the year; the structural failure of the blast furnace dust catcher at Newcastle Works and a 43 day stop to repair the corex tap-hole at Saldanha Works, both in August, and chilled hearth conditions experienced at the blast furnaces in Newcastle and Vanderbijlpark Works during the beginning of the year. Read on >>

Financials

	Condensed group statement of comprehensive income
	Condensed group statement of financial position
	Condensed group statement of changes in equity
	Notes to the reviewed condensed consolidated financial statements
	Condensed group statement of cash flows

Forward looking statements

Certain statements in this release that are neither reported financial results nor other historical information, are forward-looking statements, including but not limited to statements that are predictions of or indicate future earnings, savings, synergies, events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors, that could cause actual results and company plans and objectives to differ materially from those expressed or implied in the forward-looking statements (or from past results).