Hanwa expects $59mln loss on Samancor stake

Hanwa expects to incur an annual loss of more than ¥6.5 billion ($59 million) on its 20% stake in Samancor amid challenging ferro-chrome market conditions, the Japanese trading house said on Wednesday February 12.

Difficulties facing the South African ferro-chrome producer have led Hanwa to review Samancor’s business plans and its interests in the company, the trading house said.

Hanwa attributed the challenges facing South African ferro-chrome producers to low ferro-chrome prices, weak global steel demand - largely influenced by trade friction between the United...

Published

Janie Davies

February 12, 2020

15:26 GMT

London