News for ArcelorMittal South Africa Ltd (AMSIY)

ArcelorMittal South Africa secures a R1.68bn loan, delaying steel mill closures and saving 3,500 jobs. The government pledges action.

(Bloomberg) -- ArcelorMittal SA’s South African unit will postpone the planned closure of two key steel mills by six months after a local state development-fi...

(Bloomberg) -- A South African state development bank is considering taking a majority stake in the local unit of ArcelorMittal SA as it tries to halt the plann...

The South African government is close to securing a deal to support ArcelorMittal SA with R500 million to keep its steel mills open.

South Africa is nearing a deal to provide funding to ArcelorMittal SA’s local unit and keep the steel mills open, which are crucial for the nation’s economy, people with knowledge of the matter said. The government plans initial support of about 500 million rand ($28 million) specifically to pay steelworkers over a period of six to eight months.

ArcelorMittal South Africa Ltd. is seeking a 3.1 billion-rand ($170 million) rescue package to stave off the closure of crucial steel mills in the country, Sunday Times reported.

(Bloomberg) -- ArcelorMittal SA said it’s up to South Africa to keep crucial steel mills open and questioned the government’s industrial policy. Most Read from BloombergCitadel to Leave Namesake Chicago Tower as Employees RelocateState Farm Seeks Emergency California Rate Hike After FiresTransportation Memos Favor Places With Higher Birth and Marriage RatesSan Francisco Wants Wealthy Donors to Help Fix Fentanyl CrisisNY Transit Advocate Says Billions in Tax Hikes Would Fix MTAThe company’s South

South Africa’s steel industry faces a critical blow as ArcelorMittal plans to shutter key plants, threatening 100,000 jobs.

ArcelorMittal South Africa Ltd. will close its business making long-steel products, after months of consultations with the government failed to stave off the threat to thousands of jobs. The Johannesburg-listed subsidiary of Lakshmi Mittal’s multinational group said steel production will likely cease by the end of the month. That could potentially affect about 3,500 jobs, though the final number has yet to be determined, it said. The firm’s shares fell as much as 15% in early trading.

At least three lenders including State Bank of India, ICICI Bank Ltd. and Axis Bank Ltd. would be participating in the syndicated deal, with proceeds to be used for capital expenditure, said the people who asked not to be identified for discussing private information.

Jul 27, 2023 / NTS GMTPresentationJul 27, 2023 / NTS GMT =====================Corporate Participants===================== * Gavin Griffiths ArcelorMitta

Feb 09, 2023 / NTS GMTPresentationFeb 09, 2023 / NTS GMT =====================Corporate Participants===================== * Hendrik Jacobus Verster Arce

Aug 01, 2019 / 08:00AM GMTPresentationAug 01, 2019 / 08:00AM GMT =====================Corporate Participants===================== * Avinash Maharaj Arce

ArcelorMittal South Africa says steel consumption in Africa's most advanced economy has fallen 20% over the past 7 years, due to limited infrastructure spend and project delays

The unit will be placed in care and maintenance, the company said in a filing on Tuesday. The Newcastle Works, the Vereeniging Works, and rolling facilities, which use Newcastle material as feedstock will be the affected plants, according to the statement.

SA’s only opposition-led province maps out a construction of power generation to counter shortages and boost regional economy.