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ArcelorMittal South Africa shares climb on promising IDC talks – Infrastructure news | SA News

ArcelorMittal South Africa said it was in advanced talks with the state-owned Industrial Development Corporation (IDC) that could lead to a potential transaction, driving its shares up nearly 10%.
The loss-making South African unit of global steelmaking giant ArcelorMittal has been battling weak local demand, high electricity costs, as well as competition from local scrap metal recycling mini-mills and imports from China.

The company mothballed its long-steel plants last year in an effort to stem losses. ArcelorMittal South Africa said in a statement that its parent company and the IDC “are engaged in advanced discussions to find a sustainable solution based on a…

Freedom Day: Observed on April 27, Freedom Day commemorates the first post-
apartheid elections held in 1994.

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