Latest news with #IndustrialDevelopmentCorp
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
16-03-2025
- Business
- Bloomberg
ArcelorMittal South Africa Seeks Cash Rescue for Mills, ST Says
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. The funds from Industrial Development Corp. — a national finance institution that has a 6.4% stake in the company — would prevent the full idling of its long-steel plants slated for the second quarter, staving off the loss of about 3,500 direct and indirect jobs, the newspaper reported, citing people it didn't identify.
