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ArcelorMittal unit hit by South Africa carbon tax worries

Wed, 02/27/2013 - 7:25am
Reuters

CAPE TOWN (Reuters) - Shares of ArcelorMittal South Africa dropped more than 6 percent on Wednesday after the government said it would tax carbon emissions from 2015, sparking concern heavy polluters could see their earnings hit.

As the continent's top greenhouse gas emitter, South Africa is looking to curb emissions, although it also plans some exemptions to protect industry, Finance Minister Pravin Gordhan said during his 2013 budget speech.

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