Latest news with #ArcelorMittalSouthAfricaLtd
Bloomberg
31-03-2025
- Business
- Bloomberg
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. The loan from the Industrial Development Corp. will enable ArcelorMittal South Africa Ltd. to defer the winddown of its Newcastle and Vereeniging mills until at least Aug. 31, the company, known as Amsa, said in a statement Monday. The funds will stave off the immediate loss of about 3,500 jobs, with the producer suspending consultations on those cuts, it said.
Bloomberg
06-02-2025
- Business
- Bloomberg
ArcelorMittal South Africa Weighs Rights Issue, Shares Plunge
ArcelorMittal SA 's South African unit said it is considering a rights issue to recapitalize the cash-strapped business, triggering a plunge in its stock. ArcelorMittal South Africa Ltd. 's shares fell as much as 15% and were 13% lower at 97 cents by noon in Johannesburg on Thursday.
