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ArcelorMittal SA secures a $91.6 million IDC facility, delaying its Long Steel shutdown for six months as it navigates financial turmoil and explores long-term solutions.
ArcelorMittal SA, the country’s largest steel producer, has faced growing challenges from rising production costs, cheap imports, and unreliable rail services.
ArcelorMittal SA seeks a $170 million bailout to prevent steel mill closures, risking 3,500 jobs amid high costs, imports, and stalled government talks.
The discussions follow failed rescue efforts and mounting financial pressure on the company.
After prolonged discussions with authorities, ArcelorMittal SA said it had no choice but to move forward with the shutdown.
This decision comes just 25 days after the company announced plans to wind down its Longs steel division, fueling speculation about government intervention.
ArcelorMittal South Africa to close longs steel unit, impacting 3,500 jobs amid rising imports and high costs.
The rejected offer aimed to secure a controlling stake in the company, with ArcelorMittal reaffirming its commitment to operational independence amid ongoing ownership discussions.
Gosa leads Akhona Strategic Investments in acquiring a significant stake in Bidvest International Logistics.
Gosa owns a substantial 6.15-percent stake in ArcelorMittal South Africa, a Gauteng-based steelmaker.
Gosa is a long-standing leader of esteemed institutions and a non-executive independent director at ArcelorMittal South Africa.
Gosa derives most of her fortune from a well-diversified investment portfolio, including a 6.15-percent stake in the Gauteng-based steelmaker.
Gosa derives the majority of her fortune from a well-diversified investment portfolio, including a 6.15-percent stake in ArcelorMittal SA.
