By Africa.com | Created at 2025-04-02 06:06:26 | Updated at 2025-04-04 12:27:53
2 days ago
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 duties. The long steel unit, which produces critical materials for construction, mining, and manufacturing, has been unprofitable. Its shutdown is expected to impact around 3,500 jobs. The temporary reprieve offers hope for a longer-term solution as talks with the government continue over measures to boost the company’s competitiveness.
Source: Reuters
