AMSA defers plant closure, suspends job cuts, thanks to R1.7bn govt loan

IDC considering increasing its holding in steelmaker ArcelorMittal SA

The Industrial Development Corporation (IDC) is seeking to increase its stake in primary steel producer ArcelorMittal South Africa (Amsa), after injecting a R1.683bn to delay the wind down of Amsa's long steel business by at least six months.

🔒 ArcelorMittal SA secures R1.68bn lifeline, delays steel mill closures

Key topics: Government bailout delays /closure of key steel mills by six months 3,500 jobs saved as ArcelorMittal /suspends retrenchment plans SA pledges action on cheap imports, /energy costs, and scrap metal policies Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here. Support South Africa’s bastion of indepen…

AMSA defers plant closure, suspends job cuts, thanks to R1.7bn govt loan

The intervention by government will assist in keeping the long steel business operational while a viable sustainable long-term solution is being sought.

IDC Aid Staves Off ArcelorMittal South Africa Steel-Mill Closure

ArcelorMittal SA’s South African unit will postpone the planned closure of two key steel mills by six months after a local state development-finance institution agreed to provide a 1.683 billion-rand ($91 million) facility and the government pledged to address problems plaguing the industry.

South African Steel Giant Gets State Boost to Avert April Shutdown

ArcelorMittal South Africa has postponed the planned closure of its long steel operations to August 31, following a $91.5 million lifeline from the state-owned Industrial Development Corporation. The struggling steelmaker had earlier announced it would shut down the division by April after failing to secure government concessions on electricity costs, freight rail tariffs, and import… Read More »South African Steel Giant Gets State Boost to Aver…

ArcelorMittal South Africa (Amsa) will postpone the closure of its loss-making long steel mills until August 31 after receiving a R1.683 billion injection from the state-owned Industrial Development Corporation (IDC).